thewayofknowing
Long

VBL Elliot Wave Analysis (Tgt1:750, Tgt2:785, SL:650)

NSE:VBL   VARUN BEVERAGES
VBL is showing strong momentum. Currently it's in the 4th Wave of an Elliot Impulse structure. The 38.2% Fib Retracement also coincides with a long term support at 676, which should serve well for the end of wave 4.

Taking wave 3 level as a basis for minimum up move, that puts the target at around 750, which is also where the upper trend line converges.
Next resistance is at 785, after which the next target goes to 845

If it breaks below support, next support is at 50% retracement at 659. Use this level as stoploss

-> Trade at your own judgement. This analysis is just my 2 cents

Happy Trading!
Comment: Target 1 Achieved! 😆
Comment: Final Target Achieved! 😊😊

Comments

Seems , wave 5 is active now?
Reply
@G11192, It would seem that way. But market is highly volatile so keep strict stop loss
Reply
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