Wave 3 in AARTIDRUGS can push price up by 80%!!
The Stock witnessed a five-wave impulsive rise beginning in March 2023 and ending in July 2023.
The impulse move led to a 105% rally in the stock in a matter of just 5 months.
Since the completion of the wave 1 in July however, the stock went into the corrective wave 2 structure between July-October. The corrective phase can be marked as an Elliot wave Zig-zag(ABC) and led to a 50% retracement of the wave 1.
This phase ended in October and between October-November the stock displayed a slow moving leading diagonal as the first sign of reversal from the bottom of INR 444.This tiny diagonal is the only starting piece of the massive leg that is yet to unfold in the stock, taking it towards the INR 900 mark. The diagonal and its correction can be labeled as wave i&ii of 3 respectively and
now the stock has "jump-started" the wave iii of 3 on 18DEC with a +4.2% closing alongside uptick in volumes.
Upon successfully surpassing INR500 level, the stock shall be at the INR550 in 'very quick move'.
INR 900 is the projected target region for the Wave 3.
On the downside INR 470 can be used as 'SL'.
Note*- The views expressed are based on personal opinions and observations. Please do your own research before making any trading/investing decisions.
The impulse move led to a 105% rally in the stock in a matter of just 5 months.
Since the completion of the wave 1 in July however, the stock went into the corrective wave 2 structure between July-October. The corrective phase can be marked as an Elliot wave Zig-zag(ABC) and led to a 50% retracement of the wave 1.
This phase ended in October and between October-November the stock displayed a slow moving leading diagonal as the first sign of reversal from the bottom of INR 444.This tiny diagonal is the only starting piece of the massive leg that is yet to unfold in the stock, taking it towards the INR 900 mark. The diagonal and its correction can be labeled as wave i&ii of 3 respectively and
now the stock has "jump-started" the wave iii of 3 on 18DEC with a +4.2% closing alongside uptick in volumes.
Upon successfully surpassing INR500 level, the stock shall be at the INR550 in 'very quick move'.
INR 900 is the projected target region for the Wave 3.
On the downside INR 470 can be used as 'SL'.
Note*- The views expressed are based on personal opinions and observations. Please do your own research before making any trading/investing decisions.
Comment:
INR 500 minor zone cleared with ease.