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NSE ASHOKLEY – A Motive Cycle Begins

Free nse ashokley chart calls

Free nse ashokley chart calls

Timeframe: Daily
The NSE ASHOKLEY has been experiencing a corrective formation for over 29 weeks and has successfully completed wave 5 of wave (C) at 133.1, and started forming wave (5). The security has also managed to break out of the 20/50/100/200 moving average, and has started to move upward.

Based on the Elliott wave principle, wave (C) has extended 78.6% of wave (A), and the price has undergone wave (ii) at 135.8, before rising rapidly. The price also broke out of wave (I) at 142.8 in the previous trading session, indicating a positive trend.

In accordance with the Elliott wave principle, the price can only initiate a new cycle after a sub-wave breakout (4). If the price manages to sustain itself above 146.5, traders are advised to buy the security, with the following targets in mind: 149.7 – 155 – 162.4+.

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