NSE RELAXO has been trading in a downtrend impulse for more than 11 months.
Price has accomplished a corrective wave (4) and started forming an impulsive wave (5). Corrective wave 4 is a triangle that has faced selling pressure from the 38.2% Fibonacci retracement of the wave (3). The ending point of the corrective wave is the starting pointing of the impulsive wave.
If the price breaks the lower trend line, traders can trade for the following targets: 953 – 924 – 872. Uptrend is only possible after breakout and strong close above wave (1).
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