Timeframe: Daily
The price has been forming in the channel for more than 170 weeks. After making an all-time high of 3844, prices haven’t made a new all-time high and ended up falling to 1690.
NSE HDFCAMC has formed the double three complex corrections. Price has accomplished wave X at 3365, and falling to occur final wave Y. the recent low was 1690, but it is not the end of this correction. The angle of the move from 1690 to 2314 is corrective and incapable of overcoming the supply pressure. Price can give pullback and continue its plunge, increasing supply pressure.
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Thank you for sharing your valuable analysis.
Good pick.