THEORY:
This pattern forms after an extensive upside rally. It consists of a left shoulder, a head, and a right shoulder. The left shoulder is formed after a big bull rally in which the volumes are quite large.
At the end of the left shoulder, a minor correction takes place on the downside which happens on the low volumes comparatively the starting of the left...
Pair has made a bearish sequence of 1-2 ...and we are looking for a aggressive downside third wave movement.
Sell on rise with SL of 1.38340 for a target area of 1.34900.
The sideways price action suggest that the stock prices are into a correction & once the corrective price movement completes the rally should resume to the upside again.
One should invest in the stock following buy on dips strategy till 1350 levels maintaining a sl of 1200 for targets of 1800 /2000 into coming months.
