Airtel has hit the natural 161.8% extension of Wave 1. Now, I expect a wave 4 correction to 667 or 651 (note that wave 2 did a 50% correction too!). Long term target of 750+
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Stock hit a ATH of 753 and corrected sharply. Right now, it is bouncing off the 38.2% fib level. Need to keep an eye on this to see where wave 5 can start
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50% correction now is 668. The stock hasn't tested 50-100-200 emas since July. It might have to consolidate here for a while before starting wave 5
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Stock bounced from the 50% correction, but I think this might retest 50d ema again and then fly back. For now, wave 5 seems to be in
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Stock might do a A-B-C correction to 648.5(61.8% fib retracement) & bounce from there
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Stock bounced from the 50% retracement level. Will test ATh soon
@thakurketant, Haha, thanks man. I did call the peak a bit too early though. Right now, it is bouncing off the dual 38.2% fib level and 20d ema. We may see a deeper correction to 50%, i.e., 668, while the EMAs catch up.
thakurketant
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will wave 4 down be fast and furious as wave 3 up? can we buy September series put?
kvsrinie
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@thakurketant, It is hard to guess timelines as Wave 4 is not yet in. Once you see some confirmation on the downtrend, you may explore 667/651 level puts. But, once it hits those targets, it's coming back up for sure. Timelines totally depend on market conditions