Timeframe: Daily
ULTRACEMCO has embarked on a bullish trend following a low of 9250. Recently, the price completed wave (b) of wave (4) at 12032.3. The current wave structure suggests potential future movements. The ATR is 269, and the ADX has dropped to 20.06.
Wave (3) displayed a sharp ascent, while wave (2) was characterized by a sharp correction. According to the Elliott Wave Theory’s Rule of Alternation, corrective waves within a trend usually alternate in structure. Given that wave (2) was a sharp correction, wave (4) is expected to be a flat correction. Wave (c) of wave (4) is projected to occur near the 38.2% – 61.8% Fibonacci retracement levels of wave (3). The 38.2% retracement has already been reached. The wave count will be considered invalid if wave (4) enters the price range of wave (1). Additionally, wave (4) has a maximum limit up to the previous wave (4) high of 10,594.65. Once wave (4) is completed, traders can consider targeting the following levels: 11,170 – 11,600 – 11,850+.
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