Elliot wave labels on monthly time frame chart.
seems like symphony has completed entire 5 wave impulse cycle on primary degree to form Cycle degree wave 1 and currently we are in cycle degree wave 2 correction.Price wise we have seen 61.8% retracement(shown in white) of entire cycle wave 1 getting achieved in wave W of cycle wave 2 from where we have seen decent bounce.However this bounce has failed to cross intermediate wave B of Primary wave W which also coincided with 61.8% retracement(shown in yellow) of wave W at 1515 level.Meaning bounce could be wave X,going further we have seen price retracing, rise from 800-1515 swing by 80%(shown in red) and not going below it's previous swing low of 800,meaning wave x is sub divided in 3 sub-wave ABC.
Hence we can conclude that cycle wave 2 has taken a form of complex correction WXY of which wave W is done and wave X is going on.Of this wave X,wave A is done and wave B is in progress end of which can be confirmed once we see close above 1080.Once wave B is done we can see price rising till 1515 level in the form of wave C of wave X.
As price have already reversed from 1515 level twice,wave C of wave X can terminate at the same level as we also have 61.8% retracement of wave W at 1515,however it's not necessary for wave C of wave X to end at 1515.
Overall once wave X is done we can again see fall in the form of wave Y of WXY complex correction which can take price again to 800 odd levels.
For long-term investment one should look to buy this stock at 800 odd levels and stay invested as once cycle wave 2 is done we can see stock crossing cycle wave 1 high's,but this would take lots of time.
Disclaimer:This are just my personal views on the stock no position should be build or exited on its basis.Posting this analysis just for my future reference.
seems like symphony has completed entire 5 wave impulse cycle on primary degree to form Cycle degree wave 1 and currently we are in cycle degree wave 2 correction.Price wise we have seen 61.8% retracement(shown in white) of entire cycle wave 1 getting achieved in wave W of cycle wave 2 from where we have seen decent bounce.However this bounce has failed to cross intermediate wave B of Primary wave W which also coincided with 61.8% retracement(shown in yellow) of wave W at 1515 level.Meaning bounce could be wave X,going further we have seen price retracing, rise from 800-1515 swing by 80%(shown in red) and not going below it's previous swing low of 800,meaning wave x is sub divided in 3 sub-wave ABC.
Hence we can conclude that cycle wave 2 has taken a form of complex correction WXY of which wave W is done and wave X is going on.Of this wave X,wave A is done and wave B is in progress end of which can be confirmed once we see close above 1080.Once wave B is done we can see price rising till 1515 level in the form of wave C of wave X.
As price have already reversed from 1515 level twice,wave C of wave X can terminate at the same level as we also have 61.8% retracement of wave W at 1515,however it's not necessary for wave C of wave X to end at 1515.
Overall once wave X is done we can again see fall in the form of wave Y of WXY complex correction which can take price again to 800 odd levels.
For long-term investment one should look to buy this stock at 800 odd levels and stay invested as once cycle wave 2 is done we can see stock crossing cycle wave 1 high's,but this would take lots of time.
Disclaimer:This are just my personal views on the stock no position should be build or exited on its basis.Posting this analysis just for my future reference.