SUZLON : Eyeing a Wave 5 Rally

Detailed Chart Analysis: SUZLON ENERGY (Daily Timeframe)

Technical Observations:

Pattern Identified: The stock is completing a Wave 4 correction in an Elliott Wave structure, consolidating between ₹56 - ₹67 (Fibonacci retracement zone).
Price Behavior: A bounce from this zone suggests the possibility of resuming the upward trend into Wave 5.
Buy Zone: ₹56 to ₹67 (Low-risk entry for a Wave 5 rally).

Targets:

1. []First Target: ₹79 (Aligned with prior swing highs and resistance levels).
   []Second Target: ₹90 - ₹94 (Based on Fibonacci projection for Wave 5).
   

Stop Loss: Below ₹53.71 (Placing it slightly below Wave 4 support zone).

Learning Points:

Wave 4 Correction: Often acts as a consolidation phase before the continuation of the broader trend.
Trend Continuation: A bounce from the Wave 4 zone confirms potential upside.
Risk Mitigation: A stop loss below ₹53.71 ensures controlled risk in case of failure.
Reason for Action:

Wave 4 Zone Validation: Consolidation around ₹56 signals accumulation and potential bullish breakout.
Target Rationale: Targets are aligned with Fibonacci projections for Wave 5.
Stop Loss Importance: It minimizes risk while allowing participation in the uptrend.
Disclaimer:
I am not a SEBI-registered analyst. All analyses are for educational purposes only. Please consult your financial advisor before making any trading or investment decisions.