Timeframe: Daily
BSE TARIL has started an impulsive cycle from the low of ₹355.15. The ATR of the price is 16.6, while the ADX is at 17.42. The price is trading above the 50, 100, and 200-day EMAs. The current formation is an impulse, in which wave ((1)) occurred at ₹594.8 and wave ((2)) completed at ₹464.
Along with the A-B-C correction of wave B, a corrective triangle pattern is also visible, suggesting an alternative count as ((A)) – ((B)) – ((C)). BSE TARIL has retraced 50% of the Fibonacci level of wave ((1)). The security is moving upward again and is close to breaking the resistance near ₹525. If it breaks and holds above wave B at ₹525, traders can consider initiating long positions for the following targets: ₹568 – ₹612- ₹628+. This setup remains valid unless the price breaks below wave ((2)) at ₹464.
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Impressive analysis! Your insights are clearly backed by a deep understanding of market trends and patterns. Well done
Analysis on LIC Housing Finance is requested.