It seems Malappuram is a multi bagger in the making which can see 400 + in the next 2 years Analysis : After a 5 wave impulse move completing wave 1 of the Primary in January 2010. It went in to a complex correction finally forming a FLAT structure that corrected to the 0.618 Fib level completing the wave 2 of Primary. So now its all set for wave 3.
Confirmation of completion of correction 1. Two consecutive inverted hammer in the weekly chart and a closing about it, confirming a reversal 2. RSI in the weekly chart at the oversold levels of around 30 - same as that in March 2020. 3. The FIB level of 0.618 4. Break out from the channel of the C wave of the FLAT.
So now all set for the 3rd wave which itself should take it around 380 - 1.618 fib level of wave 1-2
Even I had earlier posted about this but that was certainly a bit early - but it chose to correct to 0.618 levels
So fasten your seat belts as 3rd waves are normally pretty steep and faster :)
This is just my view and not a trade recommendation...