NSE CROMPTON has been forming a corrective structure on the weekly timeframe chart. After making a high of 512, the price has started to collapse by 50%. The Lower low formed at 251, where the recent surge occurred.Wave C extended 100% Fibonacci extension of wave C. Hence, Wave C = Wave A.
According to the Elliott wave principle, Security has accomplished the final wave (C) of the correction at 251. Traders can see the deceleration channel where the upper band is a crucial resistance. Breakout can justify its bullishness.
If the price breaks out of the upper band of the channel, traders can long for the following targets: +. Failure of the breakout will cause the consolidation within the value area until it breaks down the lower boundary.
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