Read this full report carefully to get an accurate entry level for buyers. Devyani International has created an all-time high of 198.90. Price faced supply pressure that bulls couldn’t hold their power, and it has started correcting for upcoming impulsive structure. After counting the wave, we can name this correction 4th corrective wave, and the all-time high was impulsive wave 3.
Short-term traders can trade for the following targets:
Positional targets for 5th wave:
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We know one basic rule of wave principle, “the ending point of the corrective wave is the starting point of the impulsive wave.”
What pieces of evidence do we have for the ending point of a corrective wave?
+ Price retraced back from 61.8% at 142.50 (from the low of 107.55 to the high of 198.99)
+ Wave 4 can occur at the 4th wave of a lower degree.
The 4th wave has retraced back from the price territory of wave (4).
If Devyani breaks the low of wave (C), it may complete the final move near the price territory of wave (4).
+ Price has already retraced 61.8% of wave 3. Wave C has created a throw-out which suggests the accomplishment of wave (C). But I am not a big fan of deciding without confirmation. Let the market commit first before you commit to the market.
+ Wave (A) = Wave (C). Wave C has retraced 100% of wave A.
The trader can wait for a pullback to generate a new entry.
If Devyani international breaks wave (C), traders can wait for the gray zone.
Price has to break wave (B) to confirm its bull trend.
Further information will update soon.
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