Trendline acting as good support.. one can consider buy at this level for target 1720, STOPLOSS 1445, good risk reward, but one thing I observed that similar price action which I highlighted.. after which price has started moving up.
As per my studies of various methods, all method are suggesting a strong rally, according to price action , flat pattern is clearly visible, according to wyckoff,it's re-accumulation, and as per elliot wave ,wave 2 correction is going on, main thing here as an all the methods are suggesting that trend is still upward, one may adjust their target as per his own...
This scrip has always tested my patience and also rewarded the patience. Short term trader can trade for channel target 220.
Actually as per my view, it's forming a leading diagonal pattern, one can also consider this scrip for long term perspective but not at this price and at this moment , wait for retracement till 150 to 160.
intially i went for motiive wave 1-2-3-4-5 pattern but wave A is 1.272 times of wave A made me think of corrective wave formation. it may be extracting triangle formation. i have not labeled 100% right but it should be something similar, as we are here to trade not to analyse.. i will trade with targetting wave E. and stop below trendline support.
I am a beginner. Any elliotician please comment if I have done any mistake. I have fibbed target and retracement. Later I will combine it with price action. Macd also supporting upmove. Whatelse can I do in it , please suggest.