This is just an example . Like many Midcaps this midcap ran a wave 3 from Rs 5(2013) to Rs 409 (2018) . Now it is correcting in a wave iv which should end at Rs 84 , when wave iv breaks the channel of wave iii and ends at a previous wave iv of one lesser degree . Now consider this . If the Elliott Channel is held then the labeling changes . It will augur an...
Water base is on a dwindling Descending pattern , with no supports at current levels , further support at 174-160 range, clearly bearish until it breaks the pattern and start moving up .
One can wait until either 174-184 levels to buy or it should break the descending channel.
Stock has good support at 125-130 levels but has resistance around 165. Stock is in the zone of uncertainty but can start a trajectory of its own.
Can be considered to be a part of core holding.
No target assigned.
Observations from chart...
- Volumes are higher when going up &
- lower when stock is coming down or in consolidation phase
- the stock has given a triangle breakout
- long term target as per pattern set up comes around 212-220 zone
- 128 / 160 can...