Timeframe: 4h
After making a high of 3169, DEEPAKNTR has started falling for the correction formation. The Average True Range (ATR) of the price is 49.29, while the Average Directional Index (ADX) is 23.6.
DEEPAKNTR has completed wave C of wave (Y) within a double three-zigzag pattern at 2750 and is now moving upward. The price has already broken out of the channel, but confirmation of a new cycle requires a breakout above 2986, a significant supply zone. After retracement, if the price breaks above 2986, traders can trade for the following targets: 3064 – 3145 – 3257+. A more favorable entry can be made after a deep retracement and forming a lower high, improving the risk/reward ratio.
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