NSE LUMAXTECH has started an impulsive cycle from the low of 202.05. It has completed an impulsive wave (4) at 332.35 and is currently in the process of advancing through impulsive wave (5). The stock’s current prices are trading above both the 100 and 200 Exponential Moving Averages (EMAs), indicating a positive trend.
By the Elliott Wave principle, confirmation of the commencement of the impulsive cycle hinges on a breakout above the sub-structure of B/2 or X. Should the price surpass the wave B level at 385.9, traders may consider taking positions with the following price targets: . It’s important to note that the wave count will be considered invalid if the price closes below a specified invalidation line.
We will provide further information soon.