MEDICAMEQ LONGThe Elliott Wave analysis indicates that the stock has finished waves (i) and (ii), which are shown by blue numbers on the daily chart.
Wave (i), also known as the impulse wave, unfolded into five waves, which are illustrated in red.
Wave (ii), also known as the corrective wave, unfolded in an a-b-c pattern, as indicated in red.
Wave (iii) is unfolding in five waves, as illustrated in the red colour.
wave i and wave ii of wave (iii) are completed, and wave iii will unfold in five waves as shown in the black circle.
wave i and ii (in black circles) of wave iii (in red colour) are completed, and wave iii is about to start.
Price is taking support on the channel after a breakout of the channel.
It's a buying opportunity during a downturn (dip).
The chart shows the wave levels.
Level of Invalidation
The invalidation level of 428 has been identified as the starting point for wave (iii). If the price falls below this level, it means that the projected Elliott Wave pattern is not as it appears.
I'm not a registered Sebi analyst. My research is done solely for academic purposes.
Please consult your financial advisor before trading or investing. I bear no responsibility for your profits or losses.
Regards,
VJ.
