Price has completed a five-wave corrective structure at 495.
The corrective waves consist of three waves wherein B is a corrective, and A & C are the impulsive waves of corrective structure.
Wave B has broken down the ending point of wave A, which suggests that wave C has started.
Measurement for Wave C:
Wave C can accomplish 61.8% of impulsive structure at 344.
Wave C can finish at 100% of wave A at 320.
Wave C can complete at the lower band of the corrective channel.
Traders can trade for the following targets: 360 – 356 – 342+
Head and shoulders pattern:
Right shoulder has broken down the neckline of the head and shoulders.
Head and shoulders also suggest a bearish atmosphere.
I have provided entry, targets & invalidation levels for premium subscribers.
Are you looking for NSE paid calls? Want to get premium trading alerts and unlimited access to Moneymunch? Join today and start potentially multiplying your net worth: Premium Stock & Nifty Tips
Premium features: daily updates, full access to the Moneymunch #1 Rank List, Equity Research Reports, Focus List portfolio of 50 longer-term stocks, Premium screens, and much more. You will quickly identify which stocks to buy, which to sell and target today΄s hottest industries.
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.