Timeframe: 4h
The stock has formed a complex corrective pattern labeled as an A-B-C correction. Wave ((A)) has completed at ₹31,160, and wave D of wave (Y) of wave ((B)) has also materialized. Currently, the price is exhibiting sideways movement and is trading near a resistance line. A breakout above this resistance and the trap box is essential for further directional clarity.
Within wave ((B)), a double correction structure is unfolding:
- Wave W: Completed as a zigzag
- Wave Y: Developing into a possible triangle formation
Traders may consider entering at the 50% Fibonacci retracement level of wave D. Potential targets for this setup are 29,450 – 30,300 – 31,250. In case wave C is breached, traders should be cautious of opposing forces that could trigger a sharp decline, leading to a deep retracement.
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Your labeling of impulsive and corrective waves in 3M India is spot on.