LT Larsen & toubroLT shown selling pressure today and has been closed below 20DMA, RK's mass psychological cloud and RK's stop line both are indicating bearish scenario ahead, this stock is showing clear wave counts on daily chart, where after completing 1-2-3-4-5 impulse now its in corrective phase as wave W-X-Y, also chart is showing that W and X has completed now wave Y is unfolding as subdivided waves A-B-C. after completing wave A-B possibly we are in wave C, All this indicates wave C of Y is started, which should be unfold in five waves decline, and if C is going to be equal as A then it can show near 1354. Also all other parameters are supporting same, which are mentioned below with snap shots. All the key levels are mentioned on chart.
Overall wave structure and bias scenario
Price closed below 20DMA
Weekly macd is running negative
Daily macd is also down tick below zero line
Breakdown along with good intensity of volume on hourly chart
RSI on daily down tick near 40 area.
RK's psychological cloud along with stop line and also RK's signal all are suggesting bearish scenario.
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My studies are for educational purpose only.
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