PVR - Target 1582, 1754 by Aug 2023

Completed its minor wave 2 (of larger cycle wave 5) with more than adequate retracement, which is normal for wave 2s as they question the validity of rise of wave 1 from extreme pessimism. Since adequate retracement has been achieved, the probability of substantial fall is low. It should target to achieve its goal of 1582 by Mid / end July and 1754 by Aug. Sep.24 (1.5 years) target around 3300.

I am long on stock.

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Comment:

Touching high of 1559, the pattern marks the completion of a movement, though falling short of its target of 1582. This completed wave either could be minute wave 1 of advancing primary 3, that should retrace to 1452 levels OR alternatively, this could also be validly marking end of wave 4 of larger downtrend correction which should mark beginning of wave 5 of wave c of correction which has aptly responded to its target retracement of wave 4. In either cases, a correction of Rs. 100 seem to be probable.

If the downward wave after hitting high of 1559 takes a 3 wave pattern, then the upward movement would continue, else, further fall would be more probable.

As of now, closing long position to wait for next trend to emerge - whether up or down.

Comment:

Minor wave 3 crossed 2.0x without completing pattern, next target for this wave 1862. Stop Loss 1628

Trade closed: target reached