Gail India has completed its 4th corrective wave, where wave C is the last leg of correction.
Price took 27 weeks to complete the corrective wave ((4)).
After completing the wave ((4)), the price has broken the sub-wave iv and signaled a rally. It also has entered into the corrective channel, and this rally can make a new higher high.
The traders can expect the following targets 149-156-170+ for impulsive wave ((5)).
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Wave Formations:
Wave ((1)) started to form an extreme low at 65.
– Leading diagonal
Wave ((2)) has retraced 0.618% of wave ((1)).
– Zigzag correction
Wave ((3)) has extended 2.618% of wave ((1)).
– Five wave impulse
Wave ((4)) has retraced 0.5% of wave ((3))
– Extended wave 5
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