DALBHARAT - FRESH IMPULSE - BULLISH - LONG TERM

Hi Folks,

Another stock with upcoming bullish momentum. Dalmia Bharat has seen a decent correctoin of more than 50% of the last impulse. After both time and price correction, RSI is cooled off on daily and weekly timeframes.

Recent week showed good accumulation in data with decent volumes. There is a breakout visible from the falling wedge with RSI also breaking out and making newer high.

Elliott wave analysis
1. Larger Wave 1 has an extended internal wave 3.
2. 5 wave structure is visible on the impulse.
3. 2-4 trendline has been violated and the subsequent larger wave 2 unfolded.
4. Correction in wave 2 had nested abc structure which resulted in larger WXY as marked on the chart.
5. Targets of larger wave 3 is marked with fib projections.
6. Invalidation level shall be low of wave 2.
7. Risk: Reward is very decent for long term hold.

Not a buy recommendation. Please do your own due diligence.