Most probably wave (A) of 4 is completed at 10637 and from 10637 may be complex wave B is running. After completion of wave B decline of 1500-1800 points is possible as wave C of 4. If nifty trades above 12146 then we should think of another possibility.
EW analysis in daily, shows that wave (iv) seems to be over, and wave (v) started.
Also price was in descending channel, then it broke out with good volume, that marked the completion of complex wave (iv) correction.
here 1st tgt - 595, i.e wave (iii) peak,
if wave (v) is getting extended, then we can see higher levels...
The stock of Ajanta Pharma has witnessed a long "Bull Run" since its low of 6.04 made on 9th April,2009, and looks like there still remain space for its bigger "Bull Run" in years to come than what has been witnessed untill date. It will be too early to predict the future price of it as of now. However, I have tried my level best placing possible...
- Triple-three complex corrective nearing completion (w-x-y-x-z)
- Expect the stock to bottom out between 275-280
- Can look for fresh buying opportunity from an investment horizon
- Hypothesis will be negated on breach below 260
As per elliott waves principles, Nifty has completed its complex correction where two corrective patterns where formed. First was Flat correction pattern where 3 Waves (ABC) subdivdes into 5-3-5 correction (marked as W) and another is simple zig-zag correction where 3 Waves (ABC) subdivides 5-3-5 (marked as Y). Both were connected by inverted Zig-zag three waves...