Key Level: 824 & 853
Adani Port has broken down the corrective wave X and started forming an impulse wave ((5)).
Price had broken down the 8-month-old correction, and Adani Port surged rapidly. Adani Port can U-turn from 1.618% at 1049. It is a reverse Fibonacci of wave ((4)). Currently, the price is at the 78.6% reverse Fibonacci level at 853.
If Adani port fails to break the previous high at 901, there will be a case of truncation. It shows that the current impulsive move has a lack of demand pressure. Then the decline will be 3x more powerful than the normal corrective wave.
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