Zomato has made a low of 40.60 and given a bounce of 12%. Price has formed three successive green candles, which make traders biased.
Zomato has completed corrective wave (iv), and it is forming an impulsive wave (v). Thus, Wave v of wave (v) ends at 40.60 according to sub-waves. But traders shouldn’t directly jump on the trade without confirmation. Price is holding a resistance level of 61.50.
As per the wave principle, if the price breaks down the sub-wave 4 of the impulsive wave, the trend has the potential to sustain. If the price breaks out to 61.50, traders can trade for the following targets: 72.80 – 88.90 – 104.20+.
Failure may lead the price to a lower level. Traders can expect 161.8% of reverse Fibonacci at 30.15.
I will update the further information soon.
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Loved this chart.Please share nifty’s analysis.
Very very accurate analysis