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3M India has accomplished Wave 5 of wave C. Ending point of correction is the starting point of impulsive structure. Elliott wave principle believes that if prices are bullish, it has to confirm their move by breaking the lower-degree substructure.
If the price breaks out the 21580, traders can expect the following targets: .
Price is facing the following confluence zones:
- 3MIndia has broken the 50 EMA but faced resistance from 200 EMA.
- Price is near the price territory of sub-wave 4 of wave C. The trend can’t be changed without a breakout of wave 4 of wave C at 21580.
- Control line providing resistance to the price.
If the price fails to break 21580, It can fall to below. Bull traders can buy after a pullback to avoid fakeout & maintain the risk-reward ratio.
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