NSE TEGA recently reached a new low at 397 and appears to be in the early stages of forming a new impulsive cycle. Notably, the price has broken through key exponential moving averages, including the 50, 100, and 200 EMA. Additionally, the Relative Strength Index (RSI) has surged to 62.29, indicating strength, and the Average True Range (ATR) is quite substantial at 37.
- Wave (1) formed an impulse formation.
- Wave (2) was a sharp zigzag with a 100% retracement of wave (1).
- Wave (3) was an impulse formation.
- Wave (4) has a double three formation with W-X-Y waves and a retracement of 38.2%.
- Wave (5) can reach up to 1.618% of the reverse Fibonacci level of 1278.7
Price has accomplished the double three correction at 841.5, and price surged rapidly. At Present,NSE TEGA has started an impulsive structure which can be confirmed by wave guideline. According to Elliott wave principle, new impulse can be confirm after breakout of wave B,2 or X. If price wave Wave B at 968, traders can buy for the following targets: +.
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