After the Covid crash, PIIND has completed Waves 1 and 2 as per Elliott wave.
Right now, it is in Wave 3, and in uptrend.
However, Wave 3 is not forming the usual 1,2,3,4,5 pattern. Instead, it is going up as a corrective wave in the form of triangles.
We can see that the time between waves is almost equal (a minor difference of 4-5 bars)
Applying Fibonacci extension, the current uptrend is expected to touch Fib level 200%, after which we may see a fall, which will complete the current triangle.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
We look forward to engaging with all those who follow our ideas on Tradingview. Share with us your thoughts through the comment section.
Right now, it is in Wave 3, and in uptrend.
However, Wave 3 is not forming the usual 1,2,3,4,5 pattern. Instead, it is going up as a corrective wave in the form of triangles.
We can see that the time between waves is almost equal (a minor difference of 4-5 bars)
Applying Fibonacci extension, the current uptrend is expected to touch Fib level 200%, after which we may see a fall, which will complete the current triangle.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
We look forward to engaging with all those who follow our ideas on Tradingview. Share with us your thoughts through the comment section.
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