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.
@Wepay, from where i learned it.....internet....thing about elliot wave is it's a complex subject compare to classic technical analysis,and it takes time for one to grasp it....i have been practicing since last 2 years still havent managed to master it....one needs to develop an eye for identifying patterns mentioned in elliot wave.
UNDERDOG-29
⋅
@Wepay, check out my post on IDFC FIRST BANK which i posted today,try to absorb whatever i have discussed in that post,i think you will have better understanding of elliot wave theory.Also check out my post on Tata steel