hi @Chanrdrab ,
borosil glass was a fine re accumulation, which perfectly reached its point and figure target…
and rotation in the chart happened at the predicted point…
i note a massive volume comeback on the first downswing of the rotation, and this is being followed by a very high volume, even higher than the volumes encountered in the 3rd motive wave impulse, but the result as yet is not similar to the effort, hence for now i will be calling it as a shortening of thrust…
also, when the wave 3 is hyperextended, as a common observation of the elliot waves, wave 5 forms the same length of wave 1[or 1.618times wave 1 length], in this case, both the waves wave 1 and wave 5 marked, are of same length of 74 points as of now[rupee terms]…
as the present upmove can be a b wave of the corrective move…
considering all the points at hand, i will be very cautious with this chart, and if i was in position, i would definitely have started booking partial profits if i am positional trading …
looking forward, since the volumes in wave 5 seem to be more than what we had in wave 3, there is a possibility that there might be hyper extension of wave 5 too, if that happens, that would be an excellent situation to book and protect the massive short term gains one might have had recently from this scrip, near about at the previous top…
i will have a bearish medium term view on this[based on almost complete exhaustion of demand]
[there is a grey area marked, which has a weak thin zone and a wide support zone, the price might take a breather and consolidate in the grey support zone, before turning down…]
please correlate fundamentally…
disclaimer… no position present or prior…
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