It seems like maruti is unfolding zigzag correction with wave A being a 5 wave impulsive down move from 8368-6990,wave B taking a form of regular flat from 6990-7460.And going ahead we might see impulsive 5 wave unfolding on the downside in the form of wave C.
Reason behind completion of wave B
1)Internal strucutre of flat(3-3-5) is done with wave C forming a diagonal pattern.
2)Price has fallen in the Target zone for wave C in a regular flat correction(100-138% extention of wave A)
3)We have 50% retracement of wave A of Zigzag at 7680.
4)2-4 TL breach along with wave 4 low's in lesser time is seen in wave C of wave B
Fresh shorts trade can be taken at cmp of 7430 with a hourly closing stop of 7680 with an initial tgt of 7000 on the down side.
Disclaimer:This are just my views,no position should be build or exited on its basis.
Reason behind completion of wave B
1)Internal strucutre of flat(3-3-5) is done with wave C forming a diagonal pattern.
2)Price has fallen in the Target zone for wave C in a regular flat correction(100-138% extention of wave A)
3)We have 50% retracement of wave A of Zigzag at 7680.
4)2-4 TL breach along with wave 4 low's in lesser time is seen in wave C of wave B
Fresh shorts trade can be taken at cmp of 7430 with a hourly closing stop of 7680 with an initial tgt of 7000 on the down side.
Disclaimer:This are just my views,no position should be build or exited on its basis.