According to the Elliott Wave Theory, the Elliott Wave Structure describes the pattern and arrangement of price movements in financial markets.
Based on extensive analysis, it appears that the stock has completed waves (1) to (5) (Impulse wave) on the daily chart. corretive wave is unfolding in (A)-(B)-(C) in blue colour. Wave (A) is about to finish and wave (B) will unfold in the A-B-C pattern in red colour.
It is expected that Wave (B) in blue colour will extend upto 50% from Wave (5) to wave (A) in blue colour.
It is shown on chart as per Fibonacci retracement.
It is advisable to aim for a target of 50%, in order to be on the cautious side.
The falling wedge pattern formed on the chart. (The falling wedge is a bullish reversal pattern)
Wave (B) is anticipated to be comprised of approximately three subdivisions. after that Wave (C) will unfold.
I am not a registered Sebi analyst. My research is being done only for academic interests.
Please speak with your financial advisor before trading or making any investments. I take no responsibility whatsoever for your gains or losses.
Regards
Dr Vineet
Based on extensive analysis, it appears that the stock has completed waves (1) to (5) (Impulse wave) on the daily chart. corretive wave is unfolding in (A)-(B)-(C) in blue colour. Wave (A) is about to finish and wave (B) will unfold in the A-B-C pattern in red colour.
It is expected that Wave (B) in blue colour will extend upto 50% from Wave (5) to wave (A) in blue colour.
It is shown on chart as per Fibonacci retracement.
It is advisable to aim for a target of 50%, in order to be on the cautious side.
The falling wedge pattern formed on the chart. (The falling wedge is a bullish reversal pattern)
Wave (B) is anticipated to be comprised of approximately three subdivisions. after that Wave (C) will unfold.
I am not a registered Sebi analyst. My research is being done only for academic interests.
Please speak with your financial advisor before trading or making any investments. I take no responsibility whatsoever for your gains or losses.
Regards
Dr Vineet
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.