Muthooth Finance Extened 5th Wave and Pole Flag FormationAll analysis visible in chart.
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Extended5th
Nifty Elliott wave analysis for 20th Dec 2018Wave (v) in blue color is in extended zone and wave (v) in red color will be in extended zone after 11016. Maximum projection of both these waves are coming at 11071.
So we can conclude that from 11016-11071 range small or big decline is possible. This decline can be 45-75 points or it may be 120-200 points.
The only confusion for that decline is because of the pattern shown in ellipse which i am not able to identify.
Ambuja CementThe stock of Ambuja Cement looks to be in its final fifth wave from its low of 191 made on 22nd November, 2017.
Looking at the chart given above the stock seems to have either completed or about to complete the inner wave four of its extended fifth wave. This last leg of the extended fifth can extend up to price level of 260 - 275 or can and move beyond the upper resistance line.
Any move below the price level of 227 would change the situation. So, it would be detrimental for the long position if price level 227 gets broken downside.