NSE: Abbott India Elliott Wave Projection

Overview:

Abbott India has accomplished the impulsive wave 3, and the price is forming corrective wave 4. Price has occurred the sub-wave A. and Sub-wave B. Sub-wave C of 4th wave is in progress.

After completion of wave 4, the price will start its bull run.

Fibonacci relationship and wave Formations:

Wave ((1)) is a five-wave impulse.

Wave ((2)) retraced 50% of wave ((1)).
Wave ((2)) has taken 23 months to finalize.

Wave ((3)) is a five-wave impulse.

Wave ((4)) looks like a sharp correction.

Rule of alternation indicates variation between two corrective waves in terms of time, distance, and formation.

Because wave ((2)) was a complex correction, wave ((4)) should be a sharp correction.

Destiny of wave ((4)):

Wave ((4)) can terminate near the previous corrective wave (iv) at 13994.

Wave 4 can end at, 15064, which is a crucial support level.

The common retracement of wave ((4)) is 38.2%, but the price has broken down to this level. Next Fibonacci retracement level is 50% at, 13967.

Please note that the corrective channel has broken down, so bulls can enter when the price renter into the parallel lines. Otherwise, the price has bearish sentiments.

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