If you see the chart of Maruti, on 12th January, 2022 it made a high of 8329, wave 'A', and declined from there upto 6400 on 3rd May, 2022. Also, from the low of 6400, it recently made a high of 9050, Wave 'B', on 10th February, 2022.
A rule for the flat correction: Irregular 'B' can extend it move from 90% to 138.2% of Wave 'A'.
The total fall of wave 'A' was 1929 points, while total rise of wave 'B' was 2650 points. So, (2650/1929)*100 = 137.37, which meets the criterion of Irregular 'B' wave for Flat corrective pattern.
Also, we can see a negative divergence on the Daily interval chart of Maruti after it made high of 9050. we can expect that the fall can extend it correction upto or beyond 6400.
Note:- Above analysis it just for study purpose and not any recommendation. Do you own analysis or consult you investment advisor before taking any trade.
A rule for the flat correction: Irregular 'B' can extend it move from 90% to 138.2% of Wave 'A'.
The total fall of wave 'A' was 1929 points, while total rise of wave 'B' was 2650 points. So, (2650/1929)*100 = 137.37, which meets the criterion of Irregular 'B' wave for Flat corrective pattern.
Also, we can see a negative divergence on the Daily interval chart of Maruti after it made high of 9050. we can expect that the fall can extend it correction upto or beyond 6400.
Note:- Above analysis it just for study purpose and not any recommendation. Do you own analysis or consult you investment advisor before taking any trade.