Grasim has been forming an impulsive structure for more than two months. The price has completed impulsive wave three and has begun corrective wave four.
We can trade only after confirmation from 1653. The ending point of the corrective wave is the starting point of an impulsive wave.
If the price breaks the high of wave 3 at 1653, traders can trade for the following targets:
Wave 3 is extensive with a 3.618% Fibonacci extension, so we shouldn’t expect one more extensive wave. If it fails to sustain above 1653, trader can sell for the following:
. The common retracement of wave 4 is 0.382 Fibonacci retracement of wave 3.
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