Elliot wave Analysis # Sign of Exhaustion in WIPRO
WIPROWipro board to consider share buyback on October 13; stock price up 5.7%
The stock made a new multi-year high of Rs 376.10 during early trades on Friday.
But as per EWT is concerned we are in the last leg of the motive wave which could finish around 401 to 432 odd levels to complete 1st Phase of impulse rally from April 2001.
Wave 5: In Elliott Wave Theory, wave five is the final leg in the direction of the dominant trend. The news is almost universally positive and everyone is bullish. Unfortunately, this is when many average investors finally buy in, right before the top.
The wave 5 lacks huge enthusiasm and strength found in the wave 3 rally. Wave 5 advance is caused by a small group of traders. Although the prices make a new high above the top of wave 3, the rate of power or strength inside wave 5 advance is very small when compared to wave 3 advance
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Elliott wave Analysis, All types of Asset classes are covered like, Indices, Stocks, Currencies and commodities.
Elliott wave Analysis, All types of Asset classes are covered like, Indices, Stocks, Currencies and commodities.
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