As the chart already depicts, Marico is now expected to have started the wave iii of 3 with the breakout from the falling wedge pattern.
One thing some way wonder is, what is with all those projections?
Well, to reach from CMP(530) till 660, it will take several moves for price to do it, as it does not shoot up at once...these several moves will form the various subdivisions of wave iii of 3.
According to the Elliot theory this is how price always moves. A bigger move is always made up of several smaller moves put together.(both impulse and corrective moves).You can always breakdown any major impulse or correction on any timeframe into much more refined and more classified waves if you deep dive into one smaller timeframe than the current.
Now coming back to the chart, the stock took support from a previously tested crucial support zone which also happens to be the 50% retracement mark of the impulsive rise stock witnessed from Apr.2023 till Oct.2023.Stock is also giving a break out from a falling wedge.
On the upside level 550 will be the first major hurdle on its way towards 600.
On the downside the low of 516 is an important support for the stock.
One thing some way wonder is, what is with all those projections?
Well, to reach from CMP(530) till 660, it will take several moves for price to do it, as it does not shoot up at once...these several moves will form the various subdivisions of wave iii of 3.
According to the Elliot theory this is how price always moves. A bigger move is always made up of several smaller moves put together.(both impulse and corrective moves).You can always breakdown any major impulse or correction on any timeframe into much more refined and more classified waves if you deep dive into one smaller timeframe than the current.
Now coming back to the chart, the stock took support from a previously tested crucial support zone which also happens to be the 50% retracement mark of the impulsive rise stock witnessed from Apr.2023 till Oct.2023.Stock is also giving a break out from a falling wedge.
On the upside level 550 will be the first major hurdle on its way towards 600.
On the downside the low of 516 is an important support for the stock.