VEDL can break multiyear consolidation.NSE:VEDL
VEDL is consolidating for near 13 years now. For these many years consolidation means complex correction in Elliott Wave Theory. I label the counts on chart it's clear that VEDL is on last phase of WXY corrective wave. But wave Y is not yet completed I think.
I think VEDL will go near demand zone at least for completion of wave Y which is also near 200 day exponential moving average.
Wave 3 is always strongest in price movement and in volume. So, after wave Y wave 3 of Supercycle wave will start to form.
In most of cases after this many years of consolidation stock moves sharply in it's main direction and in VEDL it will be bullish.
Good For Long Term
My targets for VEDL are:-
1) 800/- which is 1.618 reverse retracement of Supercycle wave 1.
2) 1300/- which is 2.618 reverse retracement of Supercycle wave 1.
