Hello Friends, Today I am sharing my view on Aditya Birla Fashion And Retail Limited.
ABFRL is now ready for new long positions as per Elliot Wave structure. It is suppose to complete WAVE ABC as Expanded Flat Correction which usually comes in 3-3-5 waves. Now price is in 5th wave of corrective wave ABC which any time get reversal from downtrend to uptrend.
MACD showing strength as price is making lower low but macd makiing higher low
similar Scenario with RSI
confirmation of reversal
One can make new long positions in ABFRL after the breakout of wedge pattern.
Disclaimer I am not SEBI registered analyst. all the studies are for educational purposes. I am not responsible for any kind of your profits and losses.
But karan of you see the divergence is only in MACD and not in Histogram so once we get that also that will give is tripe confirmation along with price.
KARAN_DINGRA
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@Ankur22 yes but as we expected one more low and now that low is almost there to complete wave 5th of wave C, somewhere it will give a reversal sign and then we can enter fir fresh long positions