After 5th impulse wave, this stock is going for ABC correction wave. Probable tgt: 108
This is my personal view, not a recommendation to trade.
Trade at your own risk.
from wave perspective it is known that 5th wave ending diagonal is in completion,
5th wave is also an truncated wave
breach of channel is in verge
next corrective move could drag index to 30500 (-11%) down wards
disclaimer: I am not holding any position in this index, your profits/ losses are market oriented.I am not abid to your trading position.
The stock is forming a pattern of FLAT CORRECTION and currently is in WAVE- C . One should short the stock on cmp with SL of 840 for tgt of 770-760 zone. As long as stock is below 853 , it is bearish for short term corrective move.
PHOENIX MILLS LTD
Daily Bar Chart (log scale)
Bullish Sequence
Medium term Elliot wave Outlook (Positional Trade Setup)
Confirmation to Buy @ CMP
Invalidation level @ 789
Upside Target: 885, 910, 944
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