MEDANTA’s Potential Rally: Will 2000 Be the New Target?

MEDANTA: Hidden Strength Emerging as Correction Nears End

Timeframe: Daily

NSE MEDANTA has developed a 26-week correction on the daily timeframe chart. The ATR has decreased to 38.09, while the ADX has increased to 36.24. The price is currently trading below the 100 and 200 EMA.

The correction can be labeled as a flat correction or an alternate with a triangle. Regardless of the scenario, the price indicates a downward move before the formation of the impulsive wave.

There are four potential clusters for the end of wave 4:

1. Wave 4 may complete near wave 4 of a smaller degree at 908.5.
2. Wave 4 could align with the wave equality of wave (A) and wave (C) at 942.
3. Wave 4 might be achieved at the 38.2% retracement of wave ((3)) at 933.8.
4. It could also end at the lower band of the corrective channel.

Traders should wait for wave ((4)) to complete and for the formation of the sub-waves of wave ((5)) before initiating trades. The Fibonacci projection indicates a maximum target of 2000 after a strong breakout.

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