Is Pidilite doing irregular correction?

Looking at weekly chart look like a clear 5 wave upmove and then corrective A and B complete .. since wave A was 5 wave and wave B( running flat ) looks like 3 wave.. i have a hypothesis that Pidilite is not in a new impulse rather it is still in corrective and may do atleast 600 or below..

Below is the weekly chart

Now, coming to the hourly chart, the first wave of Wave C i.e. C.1 ( if it really is wave C) is a clear 5 wave structure and the Wave C.2. just retraced more than 80% of this down move.

Looking at trendlines .. it did stop right at the channel bottom which it broke.

so here is a trade that i am planning to take on Monday ..Short between 765-770 ( spot ) with a SL of 781 ( july futures mostly ) for a target below 600 .. this is a positional trade and not a short term trade.. the Risk-reward is awesome ..

I am new to EW and i am still learning so this could feel like ambitious , so please provide your view..

Comment: its doing some sort of corrective still.. any tick above last high can negate this count.. hold on.. SL final 782..
Comment: SL hit.. trade closed.. loss of 10 points ..


I wont touch this instrument. it doesnt moves in trends.. very sticky behaviour !!! But its a good long investment bet for any time frame point of view !! Every house in india needs their product.. plus a monopoly of sorts gives it a distinct "moat"
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