Laurus Labs: A new uptrend has begin or still part of correction
Laurus Lab : (Weekly Chart-Elliot Study)
Interesting case to see in chart is weather the correction is over or some more pain is left in it.
It has completed all the 5 impulse wave with this 1st impulse wave of major gets completed, now it is in correction of, This gives rise to two possibilities
Case1 :
Correction is over by completing the abc corrective wave pattern at around 450 level and has resumed its UP journey for the major 3rd impulse wave, confirmation of this will be successful the breakout above 650-680 level. With this we can conclude that short term trend is up and target first 580 and then onward 650 with SL of 470.
580 level can be a tough level to cross, it also the neckline of double top.
Case 2 :
If it retrace back from 580 lv or sub 600 lv this could be first leg "A" of bigger corrective wave. The point of retracement would be completion of leg "B" and it would be moving to complete the last leg of correction "C", if this happens target should be around 380 level for completion corrective wave ABC. This would be good for long term adding with SL of 340.
Conclusion :
A new uptrend has begin or still part of correction is not known, but short term trend is UP. Market to validate in coming sessions.
Interesting case to see in chart is weather the correction is over or some more pain is left in it.
It has completed all the 5 impulse wave with this 1st impulse wave of major gets completed, now it is in correction of, This gives rise to two possibilities
Case1 :
Correction is over by completing the abc corrective wave pattern at around 450 level and has resumed its UP journey for the major 3rd impulse wave, confirmation of this will be successful the breakout above 650-680 level. With this we can conclude that short term trend is up and target first 580 and then onward 650 with SL of 470.
580 level can be a tough level to cross, it also the neckline of double top.
Case 2 :
If it retrace back from 580 lv or sub 600 lv this could be first leg "A" of bigger corrective wave. The point of retracement would be completion of leg "B" and it would be moving to complete the last leg of correction "C", if this happens target should be around 380 level for completion corrective wave ABC. This would be good for long term adding with SL of 340.
Conclusion :
A new uptrend has begin or still part of correction is not known, but short term trend is UP. Market to validate in coming sessions.
