Adani Green Energy possible Elliot wave counts (Investment pick)Hello Friends,
here we had shared possible elliot wave counts of stock Adani Green Energy, which is clearly showing that this stock has completed full corrective wave cycle as ABC of bigger degree (2), after completing full impulse wave cycle as 12345 of bigger degree (1), while completing correcting wave, it had formed zigzag correction pattern as ABC of larger degree wave (2), in which it clearly showing that equality of wave A and wave C is coming at 1175 and 161.8% level of wave A is coming at 307.10 level, which can be used as Invalidation level for Longs.
Well, this stock has fallen from 3050 levels to 439 levels which is almost 85% sudden correction from highs, also wave counts are suggesting that possibly corrective counts has unfolded and possibly completed, So one can go long at current levels or in dips (if any) along with stop loss of invalidation level of 300. and as per wave principles wave 2 can never retrace more than 100% of wave 1, and that level is pegged at 22.80 which is all time low of this particular stock as per chart. also if it hold above invalidation levels then this can be investment pick and if it starts journey towards north direction then wave 3 can show new all time highs for long term prospectives only.
My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
Thanks.
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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
