Wave 3 should keep on extending if a stock has to be a multibagger . So when a wave sequence starts the corrections on the way up should not be standard in nature .
BUY PC JEWELLER ABOVE 85
TARGET 97, 110, 136
SL 71.5
A disciplined trader should avoid such scripts on regular basis but kabhi kabhi spinner ke sath bhi crease se bahar ana padta hai. :)
Some points:
1. OBV and PRICE Bullish divergence
2. Healthy candles
3. An upmove followed by a retracement
4. Has started to move up again (Latest candle)
5. Oversold
Pc jeweller is holding on to .382 fib level with .5 passing thru the gap, that's somewhat like ideal text book retracement.
from here if it holds the support at .382 then I expect it to test .5 and .618 fib levels.
stop loss should be comfortably below .382 to avoid any random wick.
do hit like and share your opinion about the expected price action.
Always need to be careful when 5 waves of a midcap/small cap stocks are complete or for any other stock . In good stocks there will always be wave extensions for eg HUL / HDFC Bank etc . and these will be difficult to count . So in brief it u see a stock where u can count 5 waves clearly over lets sat 5-7 years that stock is doomed .
PCJ failed to cross 4/1 resistance at 96.15 today and went down. Next support is 72.95. If it does not hold, last support is at 36.60. Progressive targets 97.15 and 148.60
I see a possibilty that PCJ might have made a turn around. Although it is still in out and out bearish zone, but some progress has been made. It is evident from today’s closing above 4/1 angle at 43.95. If bullishness continues, progressive targets will be 95.65, 145.40 and 265. Support remains at 34.60
![PCJEWELLER: [Intraday] Short PC Jewellers - 3BB](https://s3.tradingview.com/w/WR6u21to_mid.png "[Intraday] Short PC Jewellers - 3BB")
