Timeframe – 2h
NSE Hindalco has accomplished the corrective wave (B) and started forming impulsive wave 5.
I used corrective count to keep my targets as small as possible.
If the price sustains above 416, traders can expect the following targets:
+. There is a huge supply zone at 416 and a crucial support zone at 396.4. We can expect targets up to 161.8% after the breakout of 100% extension of wave (A).
Are these levels capable of reversing or continuing a trend?
Yes, the price is facing a long-term resistance line. A sustained move above 416 will break the trend line, resulting in a good move upwards. HINDALCO has broken out of its 50EMA and is standing by its 100 EMA.
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