Glenmark Pharma has completed a long-term inverted Head & shoulders pattern. It is now looking bullish with an upside move of INR 500 from current levels. Almost 2x.
At present it is at the 0.5 resistance level of the Fibonacci chart
Glenmark - Elliott Wave Count
the market seems like near wave B. we can expect one more impulse move upward and then the market likely to fall to wave C.
Please note that this information is for educational purposes only, and it is crucial to trade with caution.
NSE:GLENMARK NSE:GLENMARKZ2023 BSE:GLENMARK
Wave 1 and 2 are both 3 wave sequence structures and Wave 3 will be a 5 wave sequence structure as wave 2 has closed by reatracing wave 1 by more than80% and less than 100% which suffices the rules of wave 1 and 2
Price has formed a 6 Month Demand and the Target is derived as per the FIbo ratio of 161.80%
which gives a Reward : Risk ratio of 16.8:1
ENJOY THE...
I am expecting it to continue its Trend and the as per market Structure Shift, the Correction should be ending here, anyone trading Harmonic Pattern (BAT Imo) to short , should close their trade here, on First Target and look for long opportunity, Looking for this positional Trade for next 2 months. DM me on Telegram : @wowitstony : all info shared is just my...
