Can you explain why you chose to mark circled v rather than consider it a correction? Truncated fifth wave is followed by massive selloff but it doesnt look like so..so bit curious to know your view.
AJAYSHARMA
⋅
@swami007, Normally I see truncated 5th on a downside. But in this case I would still go for a wave 4 triangle. But 8250 would be a key level for this scenario. Since it has gone up in a wave iii we should expect a correction.
Ramachandra_Reddy
⋅
Hi Bro, i m not sure about the pattern. Maruti is trading at 35 P/E, it is too expensive for the stock which is shown negative growth in its sales number in last two months. And in their earnings conf call, management showed concern about raising crude oil. Based on these factors I am expecting correction. If your wave pattern is correct, how much correction you are expecting?
AJAYSHARMA
⋅
@Ramachandra_Reddy, There may be a pullback now. But the correction is not over