MARUTI GOOD bullish formation

Maruti spot cmp 7200

Time frame :- 240 mins
Study :- Elliot wave

Counter have given reversal from maturity levels of corrective wave 4, now if wave 5 unfolds can give good upmove,,,
Rsi have given breakout from falling trend line
Macd on verge to give positive crossover,,
Hidden bullish divergence seen in both indicators where price making higher low and Indicators making lower low,,
FAlling parallel channel formation in wave 4,, once price breakout is confirmed from this parallel channel good short covering can be seen in counter,,
Panic low done in price with highest volume in whole swing,, low of the panic selling not broken ,, means follow through selling is missing and all the traders are on one side of the trade ,, no more left to go short in this counter,, now on reversal all will be forced to cover their shorts..

Good bullish formation for the counter


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