CIPLA which was travelling within a parallel channel had just broken out and closed higher for the day. Going long from here, one can hold for the target of 940 ranges. If anyone missed this break out, not to bother - can wait for a retest & reversal around 850 to 845 ranges and enter there. SL for this breakout shall be below 834
Cipla is in the completion of the 5th wave ( e wave ) of the greater degree wave C .
wave e always has five waves within .
Stoploss is marked in the chart,
play this by Options or by futures ...
My strong conviction for this trade
Posting here to have a demonstration of how we take trades based on Elliott wave principles.
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