$JSEDSY - Discovery Ltd: Again, Five Waves Almost Complete.
The last analysis of Discovery was on 07.04.2023, link below.
At that time, I was of the view that wave ((iv)) was complete at 13194 but the correction developed into a larger zigzag labelled (abc) which terminated at 12945, just above the wave ((i)) peak of 12932 thereby not violating the impulse wave rule for 4th wave termination.
From 12945 the stock looks to be unfolding in a five wave impulse for wave ((v)) and thus far has traced out wave (i-ii-iii) and the current pullback is for wave (iv) which should terminate above wave (i) providing a buy setup for wave (v).
The trend is at a mature stage as after completion of wave ((v)) the expectation is for a pullback in three waves.
Longs can be opened when price action gives the signal but this should not be a long-term trade. Using the trend channeling technique, price target for wave (v) is in the 16000 region.
At that time, I was of the view that wave ((iv)) was complete at 13194 but the correction developed into a larger zigzag labelled (abc) which terminated at 12945, just above the wave ((i)) peak of 12932 thereby not violating the impulse wave rule for 4th wave termination.
From 12945 the stock looks to be unfolding in a five wave impulse for wave ((v)) and thus far has traced out wave (i-ii-iii) and the current pullback is for wave (iv) which should terminate above wave (i) providing a buy setup for wave (v).
The trend is at a mature stage as after completion of wave ((v)) the expectation is for a pullback in three waves.
Longs can be opened when price action gives the signal but this should not be a long-term trade. Using the trend channeling technique, price target for wave (v) is in the 16000 region.
