BSE - Can we catch a 25% rally from here?
It appears that the stock has recently completed its fourth (4th) wave and is now initiating an upward impulse for the fifth (5th) wave. Currently, it seems we are in the third wave of the concluding fifth wave.
From a price action standpoint, a morning star pattern has emerged. This pattern has developed on the monthly time frame, serving as a strong signal for a potential upward movement.
Furthermore, following the breakout of the trendline, the stock has surpassed the previous swing high, establishing a higher high formation.
In terms of trading strategy, we may consider purchasing on dips in this context. The initial position can be established at approximately the 38% retracement level, with a subsequent position around the 61.8% retracement level.
All relevant levels are marked on the chart.
For a detailed explanation on Elliot waves basics, please refer to the following link:https://www.investopedia.com/terms/e/elliottwavetheory.asp
DISCLAIMER: It is important to note that the information provided in this analysis is intended solely for educational purposes. It is strongly advised to consult with a financial advisor prior to making any investment decisions. I cannot be held responsible for any financial losses that may occur.
From a price action standpoint, a morning star pattern has emerged. This pattern has developed on the monthly time frame, serving as a strong signal for a potential upward movement.
Furthermore, following the breakout of the trendline, the stock has surpassed the previous swing high, establishing a higher high formation.
In terms of trading strategy, we may consider purchasing on dips in this context. The initial position can be established at approximately the 38% retracement level, with a subsequent position around the 61.8% retracement level.
All relevant levels are marked on the chart.
For a detailed explanation on Elliot waves basics, please refer to the following link:https://www.investopedia.com/terms/e/elliottwavetheory.asp
DISCLAIMER: It is important to note that the information provided in this analysis is intended solely for educational purposes. It is strongly advised to consult with a financial advisor prior to making any investment decisions. I cannot be held responsible for any financial losses that may occur.
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