Price started to form impulsive wave C after Bajaj Finserv completed correction wave B. There is also the possibility of altering the count with W-X-Y.
Wave (b) retraced 50% of wave (a), which signals intense supply pressure. If the price breaks wave (a) at 1621, traders can sell for the following targets: . Calculations are based on Fibonacci extensions. Price has completed 100% Fibonacci extension in wave A so that wave C could extend by 161.8%.
Currently, the price has broken down to 50 EMA, and a negative closing will result in further price declines. Parallel channel throw-over is one of Elliott wave principle’s best target measurement tools. Targets will be extended in case of an extension of the trend.
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