20th Dec
A slight overshoot of wave led me to think it was going for an impulse move but later realizes it is still in the same triangle move and now in final wave 'e' heading towards zone near 50% of entire retracement from the top. This apparently would be wave 1 of wave 3 (Primary) degree.
In an alternate count it is also possible that the previous two equality waves were 1-2 counts or nested waves and the ensuing wave is converted into an impulse and the stock goes on for a larger serpentine move of Wave 3 from here.
For now I would consider the most conservative wave count in absence of more confirmation in the form of internal counts, news or big delivery based buying.
13th Dec
A slightly more bullish count than what was anticipated in the earlier post.
Wave likely to extend till ~1250
XXXXXXXXXXXXX
Looks good for a two stage move for target area.
Would want to see first target reasonably soon but the second leg should be much swifter and sharper.
Target 1 = 933
Target 2 = 1036/1063
A slight overshoot of wave led me to think it was going for an impulse move but later realizes it is still in the same triangle move and now in final wave 'e' heading towards zone near 50% of entire retracement from the top. This apparently would be wave 1 of wave 3 (Primary) degree.
In an alternate count it is also possible that the previous two equality waves were 1-2 counts or nested waves and the ensuing wave is converted into an impulse and the stock goes on for a larger serpentine move of Wave 3 from here.
For now I would consider the most conservative wave count in absence of more confirmation in the form of internal counts, news or big delivery based buying.
Daily Chart
13th Dec
A slightly more bullish count than what was anticipated in the earlier post.
Wave likely to extend till ~1250
Weekly chart
XXXXXXXXXXXXX
Looks good for a two stage move for target area.
Would want to see first target reasonably soon but the second leg should be much swifter and sharper.
Target 1 = 933
Target 2 = 1036/1063
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