SAIL steel author India possible Elliot wave counts

Trend indicator macd for SAIL is turned negative now on daily time frame, also with price closed below 20DMA along with follow up seen in today's session,
price retraced up to 50% Fibonacci level of recent fall and turned back towards south. Also, possible Elliot wave counts are suggesting correction is pending ahead, if our counts are going correct then price can unfold wave C of wave Y of wave 2, then we can assume for target of 50 where wave C would be equal to wave A, fingers crossed, on the way upside 88 is an invalidation level for current view.

Possible wave counts on daily chart

Retraced 50% of recent fall

Price closed below 20DMA with followed up

Weekly upper band pressuring down, once it close below 20WMA then more bearish

20WMA is now crucial support level, once it breaks then more bearish

MACD in daily negative crossover

RSI in daily is down tick and below 50

RSI in hourly is below 40

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My studies are for educational purpose only.
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