GRASIM has accomplished wave 5 of wave (c), and we may expect an upward move for the following targets: 1380 – 1420 – 1447. BUT, you should not buy this stock before reading this complete research report of GRASIM.
GRASIM has made a low of 1276 at wave C, and the price started forming a traditional cup and handle pattern. Wave C has reached 161% Fibonacci extension of wave A at 1276.
If the price breaks out at 1353, traders can trade for the following targets: 1380 – 1420 – 1447. Breakdown of the parallel channel will make this trade invalid.
According to wave theory, there is no way to change a trend until a lower-degree fourth wave breaks out. The price will be bullish if it breaks out of sub-wave 4 at 1456.
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