It has given 5 moves up at primary level . So it completed cycle wave I . It is in a cycle wave II .
Elliott says minimum correction level is the sub wave 4 . So Dr. Reddys should come down to 2200 . Only then it is a buy . But for an X wave or an impulse . We dont know.
See top of the ((B)) . RSI top was at bear zone resistance . Wave (5)) had a bearish divergence . But again at wave ((5)) RSI did not go in over bought territory.
This is a weekly chart on log scale.
One can use this concept on any time scale . Rules will remain the same
Elliott says minimum correction level is the sub wave 4 . So Dr. Reddys should come down to 2200 . Only then it is a buy . But for an X wave or an impulse . We dont know.
See top of the ((B)) . RSI top was at bear zone resistance . Wave (5)) had a bearish divergence . But again at wave ((5)) RSI did not go in over bought territory.
This is a weekly chart on log scale.
One can use this concept on any time scale . Rules will remain the same