Orient Electric - Breaking out for possible multibagger returns
Updated
After a two year consolidation from Dec 2021 - it seems Orient Electric is breaking out with volumes and its probably the start of wave 3.
The many narrow range candles in the weekly chart, the 0.618 levels of the previous impulse move, and the ending diagonal indicates that the complex correction is over.
Orient Electric has broken out with a good green candle with excellent volumes. So probably its the start of wave 3, in which case a target of 700 can be achieved in the next 2 years.
However lets see the movement and go step by step - before jumping the gun. So first lets look at a target of 280, then 350 and then will take it from there.
The many narrow range candles in the weekly chart, the 0.618 levels of the previous impulse move, and the ending diagonal indicates that the complex correction is over.
Orient Electric has broken out with a good green candle with excellent volumes. So probably its the start of wave 3, in which case a target of 700 can be achieved in the next 2 years.
However lets see the movement and go step by step - before jumping the gun. So first lets look at a target of 280, then 350 and then will take it from there.
Note
Though it corrected a bit more than what i expected, the Wave 3 has started from 200 levels and my first target of 280 has been achieved... now lets watch how its progressing...
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