Long Alembic Pharma...High Probability SetupAlembic Pharma
NSE:APLLTD
Cmp - 806
Stop - 750
Expectation -
T1 - 920
T2 - 1050, Review at 1050
Expected Holding Period - 3 months or earlier for T1, 5 months or earlier for T2
View:- Swing/Investment
Alembicpharmaelliottwaveanalysis
Alembic Pharmaceuticals is preparing for Rs. 140+Alembic is having a double zigzag( W-X-Y) correction of wave ((4)).
Price is stuck on the ending diagonal of wave Y.
According to the Elliott wave principle, if the price breaks up the ending diagonal, the price is supposed to reach the targets of 114-123-139 and more .
However, the price must confirm the trend by breaking the wave (X).
In case if price breaks the low of wave Y, it can fall up to 79 .
At this level, wave W has traveled 100% of wave Y. After that, it will initiate an uptrend for the above targets.
