On weekly chart it seems like we are in cycle degree impulse wave 5,entire cycle degree wave 5 started in 2017 February.
Current count
Cycle:wave 5
Primary:wave 5
Intermediate:wave 2(either triangle or diametric)
Minor:wave d(not shown)
Based on the internal structure of Intermediate 1 of Primary 5,it seems like Primary 5 will make ending diagonal there by taking overall strucutre of 3-3-3-3-3 to complete entire cycle.This is assumed on the basis of price behaviour at lower channel.Generally if wave 5 has ended then price would not consolidate and reverse around lower channel support line and would continue to head south but over here we are seeing prices have reversed after briefly breaching lower channel line,a classic behaviour of price while forming ending diagonal in wave 5.
Currently it seems like intermediate wave 3 will start soon,as we are in minor wave d of triangle forming in intermediate 2 we can expect another push on the down side which will not break lows formed by wave c(2247),hence aggressive traders can start accumalting this stock with a stop-loss of 2250 for target of 2700.
Disclaimer:This are just my views on the stock,no position should be build or exited on its basis,i am posting this just for my future reference.
Current count
Cycle:wave 5
Primary:wave 5
Intermediate:wave 2(either triangle or diametric)
Minor:wave d(not shown)
Based on the internal structure of Intermediate 1 of Primary 5,it seems like Primary 5 will make ending diagonal there by taking overall strucutre of 3-3-3-3-3 to complete entire cycle.This is assumed on the basis of price behaviour at lower channel.Generally if wave 5 has ended then price would not consolidate and reverse around lower channel support line and would continue to head south but over here we are seeing prices have reversed after briefly breaching lower channel line,a classic behaviour of price while forming ending diagonal in wave 5.
Currently it seems like intermediate wave 3 will start soon,as we are in minor wave d of triangle forming in intermediate 2 we can expect another push on the down side which will not break lows formed by wave c(2247),hence aggressive traders can start accumalting this stock with a stop-loss of 2250 for target of 2700.
Disclaimer:This are just my views on the stock,no position should be build or exited on its basis,i am posting this just for my future reference.