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NSE KNRCON – Elliott Wave Projection

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Free nse knrcon chart calls

Free nse knrcon chart calls

Timeframe: Daily
NSE KNRCON has formed a corrective double three pattern (W)-(X)-(Y). Wave (X) within this formation developed into an expanding flat. Wave C of wave (Y) reached 332.9, followed by a price surge. The price has also broken out the 50, 100, and 200 EMA bands. The ATR has started rising to 10, while the ADX is at 23.

The security has broken out of wave (X), signaling that the bulls are now controlling the movement. Safe traders may choose to wait for the sub-wave formation of the impulsive cycle to achieve a favorable risk/reward ratio. Traders can buy the security for the following targets: 395 – 405 – 412+. Risky traders must ensure the price sustains above wave (X).

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