The correction is not yet done
Aggiornato
Adani Enterprise CMP 2968.35
Elliott- The first wave down has 5 legs hence its the wave A of the corrective pattern zig-zag. The rally back to the highs is wave B. The current pull back is the start of the C leg of the correction.
Fibs- A weekly close below 2845 will be a confirmation of weakness.
Trendline- Retest of a rising trendline from below is a sign of weakness.
RSI - negative divergence in the bear zone ,confirms the weak setup.
MA- the stock currently is taking MA support. Hence any bounce back will be an opportunity to sell.
Volume- the volume after the fall has only fallen indicating this rally is indeed corrective and should not be trusted.
Conclusion- Any negative news in this counter will be met with selling as the set up is weak.
Elliott- The first wave down has 5 legs hence its the wave A of the corrective pattern zig-zag. The rally back to the highs is wave B. The current pull back is the start of the C leg of the correction.
Fibs- A weekly close below 2845 will be a confirmation of weakness.
Trendline- Retest of a rising trendline from below is a sign of weakness.
RSI - negative divergence in the bear zone ,confirms the weak setup.
MA- the stock currently is taking MA support. Hence any bounce back will be an opportunity to sell.
Volume- the volume after the fall has only fallen indicating this rally is indeed corrective and should not be trusted.
Conclusion- Any negative news in this counter will be met with selling as the set up is weak.
Trade attivo
In my view this correction will end around the previous lows of 1400.
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