Timeframe: Hourly
HEROMOTOCO has completed an impulsive cycle at an all-time high of 5894.55 and has begun a corrective phase. The correction has lasted for 9 weeks, retracing to the 0.5 Fibonacci level. The daily ADX has dropped to 12.35, while the ATR is at 140.74. The price is trading above the 100 and 200 EMAs but is facing resistance at the 20 and 50 EMAs.
According to the Elliott Wave Principle, corrections often occur near wave 4 of a smaller degree. In this case, the price has already approached the primary wave (4) and the sub-wave 2 of wave (5). These levels represent a significant demand zone.
The correction appears to be a double three formation, with wave (Y) forming a triangle. Wave (Y) has extended to 1.618 times the Fibonacci multiple of wave (W). After wave E, the count suggests an impulse, indicating that traders can expect a pullback in wave 2. A long position could target 5568 – 5640 – 5800+. A breakout of the parallel channel would further bolster confidence among bulls.
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Excellent analysis thanks for your insights
I think hero moto is best trade
Good outlook!
Solid analysis. Thanks for your insights, sir!