3I Infotech Ltd. Elliot Analysis

25 mar

Elliot wave analysis performed on 3I Infotech Ltd. It looks like wave 2 retraced 0.65% and is showing bullishness. If you observe closely, wave 1 comprises an impulse wave, and wave 2 includes a flat correction pattern. It makes sure that wave two is formed and price action can show 3rd wave, which will be rapid and stiff in personality. The "Trend Based Fib Retracement" tool can calculate it from the start of wave 1 point to the end of wave 1 point to the end of wave 2 point. The 3rd wave should climb up to 100% minimum (levels 75 - 76), which can go up to 161%. It may take some time to reach the target as the analysis is done daily.
It is recommended for short-term positional investment, depending on your risk appetite.
A stop loss order can be set below 0.786 levels (34.30) with the target price level 75.85. If the analysis goes as per Elliot Wave then one can achieve close to 4 RRR.