RANBAXY seems to have completed wave 3 Intermediate degree and is expected to retrace near 530 or at least to 580. As the corrective moves develop we would know where it is likely to take support.
From that support (wave 4) one can expect a move of minimum 188 pts to complete wave 3 of higher degree.
It is quite coincidental that the stock failed to sustain above previous all time high while completing this wave. Conventional wisdom too suggests some weakness to gather more steam to take next shot at that ATH.
Here is weekly chart with wave counts.
From that support (wave 4) one can expect a move of minimum 188 pts to complete wave 3 of higher degree.
It is quite coincidental that the stock failed to sustain above previous all time high while completing this wave. Conventional wisdom too suggests some weakness to gather more steam to take next shot at that ATH.
Here is weekly chart with wave counts.
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