A Leading Diagonal in Eicher Motors. Near an interesting pointNSE:EICHERMOT
- Eicher Motors chart is forming a Leading Diagonal Elliot wave structure. A Leading Diagonal is a transitional structure (correction to impulse) forming as part of the first wave of a larger impulse degree.
- The first wave leading diagonals form as a 5-3-5-3-5 overlapping structure as shown on the chart.
- There is no doubt this counter is bullish in the next coming months but it has now reached into the 5th wave of its 1st impulse structure. Contextually we should see a strong correction for targets as marked on the charts with ABC pathway of correction.
- The ideal levels of shorting can be at 2900 and above . Note that there can be an overthrow beyond the trendline connecting impulse 1 and 3 due to a fake-out. The daily RSI already shows divergence.
It will form a beautiful RISK:REWARD for shorting from the price mentioned. Advice to take trade based on your own risk management rules. Let me know your thoughts in the comment section.
