SUNPHARMA - BREAKOUT RETEST or END of 5th?
SUNPHARMA - CMP 1747
It appears that a 5 wave impulse from Covid lows (312) has ended at 1960
Primary and internal counts are marked in the chart
If it is too early to predict/expect a larger retracement of the entire move, lets take one step at a time and look for the price action from May'23 lows.. The 5 wave impulse from 922 to 1960. Even here, the 5 waves are complete and the price is falling/retracing.
Chart is attached here for reference
If we expect a minimum of 50% retracement of this 5 wave impulse, then we are looking at 1440 levels
Worst case, if you look at breakout retest (for those with bullish bias), then a dip down to 1640 cant be ruled out
Price is trading below the cloud and Super trend on Daily TF
Price is trading below all key EMAs.. and 200 EMA is next, placed at 1650 levels.
Definitely not a place to go long..
Daily close above 1800 would be the invalidation level
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
It appears that a 5 wave impulse from Covid lows (312) has ended at 1960
Primary and internal counts are marked in the chart
If it is too early to predict/expect a larger retracement of the entire move, lets take one step at a time and look for the price action from May'23 lows.. The 5 wave impulse from 922 to 1960. Even here, the 5 waves are complete and the price is falling/retracing.
Chart is attached here for reference
If we expect a minimum of 50% retracement of this 5 wave impulse, then we are looking at 1440 levels
Worst case, if you look at breakout retest (for those with bullish bias), then a dip down to 1640 cant be ruled out
Price is trading below the cloud and Super trend on Daily TF
Price is trading below all key EMAs.. and 200 EMA is next, placed at 1650 levels.
Definitely not a place to go long..
Daily close above 1800 would be the invalidation level
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Feragatname
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