The down trend is intact

280
ITC CMP 411.45

Elliott - the stock has completed its rally which is the X wave. Now a three wave downfall will commence.

Fibs - the stock is now trading below its lower confluence at 411/413. Hence we know it is getting weaker.

MA - all the MA's together means the stock is about to take a direction.

Composite - the oscillator below its averages is danger.

Conclusion - Every indicator is pointing at the continuation of the down trend. To me the first wave down will not not get over before 344.

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