NSE WIPRO has been undergoing a corrective phase for over 18 months and is currently trading below its 200-day Exponential Moving Average (EMA). The security had reached a new high of 739 before experiencing a sharp decline to 352.
During a significant portion of this period, the security’s price has completed a corrective wave, indicated as (c) at the 352 level. Currently, it appears that a new impulsive cycle is forming, presenting a research opportunity with high risk but also the potential for a very high reward.
Based on the wave principle, an impulsive cycle can only commence after the breakout sub-wave of wave 4 from the previous cycle. If the price breakout wave 4 occurs at the level of 375, traders may consider buying with the following price targets in mind: +.