Wipro CMP - 264.55
Elliott - The rally is the 2nd wave of C and is done. Now the 3rd wave of C will start and will be sharper than the 1st wave. If we take a conservative tgt then 186 is the minimum for 3rd wave and will come in quick time.
Fibs - on the weekly charts the 270 is a strong resistance and hence to me the rally is over.
Conclusion - It seems a bigger correction is coming in IT stocks. Hence avoid fresh buying.
Elliott - The rally is the 2nd wave of C and is done. Now the 3rd wave of C will start and will be sharper than the 1st wave. If we take a conservative tgt then 186 is the minimum for 3rd wave and will come in quick time.
Fibs - on the weekly charts the 270 is a strong resistance and hence to me the rally is over.
Conclusion - It seems a bigger correction is coming in IT stocks. Hence avoid fresh buying.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.