Larsen spot cmp 2480
Weekly time frame
Elliot wave study
Counter is trading in last leg of motive phase which might mature around current levels.
v of 5 is in play,
Ascending wedge pattern indicate counter is overbought as its trading above structure.
RSI and MACD have bearish divergence with respect to price.
Last week counter made high of 2483 levels and today it made high around 2493 levels,
As per measured move wave 5 should mature around 2500 levels
so till counter does not give weekly close above 2500 levels , long should be cautious..
Counter have out performed rest of the counter in this last rally of over all market.
Now its time for counter to give away.
Keep watch, if this study pans out counter can give good fall going ahead.
Weekly time frame
Elliot wave study
Counter is trading in last leg of motive phase which might mature around current levels.
v of 5 is in play,
Ascending wedge pattern indicate counter is overbought as its trading above structure.
RSI and MACD have bearish divergence with respect to price.
Last week counter made high of 2483 levels and today it made high around 2493 levels,
As per measured move wave 5 should mature around 2500 levels
so till counter does not give weekly close above 2500 levels , long should be cautious..
Counter have out performed rest of the counter in this last rally of over all market.
Now its time for counter to give away.
Keep watch, if this study pans out counter can give good fall going ahead.