Alembic was forming in the downtrend channel. The price had completed a double zigzag of primary wave ((4)).
According to the Elliott wave principle, the ending point of the corrective structure is the starting point of the impulse.
I mentioned, “if the alembic breaks up the ending diagonal, it is supposed to reach the targets of 114-123-139 and more.
Click here to read previous research report.
However, the price must confirm the trend by breaking the wave (X).”
Alembic has broken the 4th wave of the ending diagonal, and price got momentum as the 5th wave is the termination wave of the ending diagonal.
12:20 PM,4 January 2022– Alembic pharma reached the first target of 114.
Alembic pharma will retrace on the support trend line, and it will start marching for the 2nd target targets.
AB capital was undergoing the complex correction of the corrective wave ((iv)). Complex correction W-X-Y accomplished at 96.35 and made a higher low.
Successive highs and lows indicate the starting of an uptrend.
In my previous article, I had written in bold words,” We can see the following targets:
Invalidation: breakout of the minor channel”.
Click here to read the previous article.