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EWT – Is EICHERMOT Forming Wave (5) Of Its WaveCycle?

free nse eichermot chart calls

free nse eichermot chart calls

Timeframe: Daily

NSE EICHER motors have accomplished the corrective wave (4) and started forming impulsive waves (5). The price is currently forming sub-waves of the impulsive waves (5).

Wave (2) was a sharp zigzag, so wave (4) formed the choppy structure triangle. Since wave (3) was an extensive wave, we cannot expect wave (5) to extend with a high probability.

Eicher motors have given a good breakout and broken out wave 2 of the triangle and impulsive wave (3). If the price sustains above 3790, traders can trade for the following targets: 3948 -3992 – 4030+.

Fibonacci relationship:

  • Wave (2) retraced 78.6% of wave (1).
  • Wave (3) extended 161.8% of wave (1).
  • Wave (4) retraced 38.2 % of wave (3).

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