Timeframe: Hourly
The ADX reading of 11.83 on the daily timeframe for ARE_M indicates a corrective phase in the market. According to the wave principle, the price has formed a triangle pattern in wave ((4)), suggesting that the market is setting up for a potential surge in wave ((5)) up to the triangle thrust at 1900. Be cautious, as a failed breakout could turn this bullish scenario into a bearish one. The triangle took 61 days to form so that the price may return to its origin (high of wave A) in approximately 20-24 days (about 1/3 of the time).
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Thanks for your analysis. My bias is long Amara raja energy.
How do you see that the wave is over and the makert start new one?