harshit22

LAXMI ORGANICS - Start of New Bull Run?

Long
NSE:LXCHEM   LAXMI ORGANIC INDUS LTD
The stock has undergone a correction since 2021 after reaching its all-time high. Upon analyzing the correction, it appears that wave ABC has concluded at the 225 levels. The internal waves within ABC adheres to the Fibonacci ratio, with wave C being approximately 100% of wave A. The stock found support at the minor wave 2 of the major wave 3 from the previous bull run, positioning us at favorable levels in terms of risk and reward. Currently, it seems that we are in the initial stages of the major wave 1 of the upcoming impulse or bull run.

To approach trading this situation, we can establish our position in two phases. The first part can be initiated at the current market price, followed by the next position once a retracement to the 38%-50% range occurs after reaching our minor wave 4 level of 395.

The wave counts, entry points, stop loss, and target levels are all indicated on the chart.

Disclaimer: Please note that the information presented in this analysis is intended for educational purposes only. It is highly recommended to seek advice from a financial advisor before making any investment decisions. I cannot be held accountable for any financial losses that may arise
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.