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EWT – Will 3MINDIA Reach 30,000 Before June End?

Free 3mindia chart calls

Free 3mindia chart calls

Timeframe: Daily

According to the provided analysis, the stock has entered a corrective cycle after reaching a low of 17274.1. Wave A, which occurred around 25209.1, formed an impulse pattern. Wave B, which occurred at 22129.6, formed a complex corrective pattern known as a triple three, with a triangle formation.

The current price movement indicates a steep upward movement, suggesting that it is a sub-wave 3 of the impulsive wave (C). Moreover, it has surpassed the high point of wave (A). It is likely that the price will experience a retracement and undergo a deep correction for sub-wave 4 of wave (C), as sub-wave 2 was a sharp move.

There are two potential target scenarios for measurement:

  1. Wave (C) may reach the 78.6% extension of wave A, around 28377.85. It is important to note that there is a resistance line from a previous price movement near 27819.
  2. Wave (C) may reach the 100% extension of wave A, around 30080. Additionally, there is a resistance line from a previous price movement near 30988.

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