RRKABEL: Unlocking Potential with Key Fibonacci Levels!

Technical Observations:

Pattern Identified: The stock appears to have completed an extended Corrective C Wave in a larger Elliott Wave framework. The price has retraced to a critical 127% Fibonacci retracement level around ₹1,427 - ₹1,420.
Price Action: Recent candles show a rejection from the extended retracement zone, indicating buying interest and possible demand resurgence.
Buy Zone: ₹1,420 to ₹1,462 (C wave bottom and retracement levels).

Targets:

1. []First Target: ₹1,652 - ₹1,629 (Prior resistance and 50% Fibonacci retracement of the corrective wave).
   []Second Target: ₹1,862 - ₹1,921 (Upper range derived from Fibonacci extension and historical supply area).
   

Stop Loss: Below ₹1,371 (To manage risk in case the retracement zone fails).

Learning Points:

Elliott Wave Principle: The corrective C wave typically marks the end of a bearish cycle and the start of a bullish phase when aligned with key Fibonacci levels.
Demand Zone Confirmation: The 127% Fibonacci level often acts as a deep retracement point where demand overtakes supply.
Low-Risk Opportunity: Buying near the C wave lows offers a favorable risk-to-reward ratio, supported by a defined stop loss.
Reason for Action:

Rejection at Key Levels: The bounce from the retracement zone confirms strong demand.
Upside Targets: The targets are aligned with prior resistance and Fibonacci projections, indicating a potential breakout and trend continuation.