Timeframe: 2h
NSE VEDL has formed an impulsive pattern where the price reached 523.6, completing wave ((3)), and has now entered its wave ((4)) correction. The price appears to be preparing for wave 5 within wave (C) of wave ((4)), with confirmation hinging on a breakout above sub-wave 4 of wave (C) of wave ((4)).
Wave ((C)) is approaching the lower boundary of the parallel channel, and the previous sub-wave 4 is also nearing the channel, which could signal the end of the corrective phase. To keep the setup valid, the price must remain above 471; a drop below this level would invalidate the structure. A clear confirmation will come after the breakout of wave 4, with potential targets for the setup at 505 – 518 – 536+.
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