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ParamjitMahapatro
5. Aug. 2017 11:29

glenmark looks bearish in medium term 

NSE:GLENMARK1W
GLENMARK PHARMNSE

Beschreibung

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in weekly, wave C is going on.

in closure look, there are a lot much left of wave C.

wave B retraced 50% of wave A, so wave C should be extended.


Now counting the fractals of wave C shows that, sub wave [iii] going on.


looking at the retracement levels it can plunge below 560 levels. So one should exit in every bounce.


Note: this is for educational purpose.

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till now 668.25

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till now 632.60, getting beaten quite severely.

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till now 610.90

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updated wave count :

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still going down , closed at 601

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regular bullish divergence in daily at horizontal support. short term bounce is eminent.

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after short term bounce, long term is resumed here, it has broken the horizontal support and moving lower,

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sorry for posting the wrong chart here,

here is the right one

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cmp - 515.70,

in weekly, it is in descending channel, downtrend continues....
Elliott WaveBearish Patternsdowntrendwavecount
Kommentare
VikramGopalAimanda
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Good one bro, even I have the same count for decline, also see drreddy weekly same pattern, end might be near
ParamjitMahapatro
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@VikramGopalAimanda, thanks, I ll check drreddy.
ParamjitMahapatro
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@VikramGopalAimanda, Hello, here I am adding Drreddy, yes it has the similar count for decline, currently it is in sub wave [v] of wave C, and it has good probability to get extended.
VikramGopalAimanda
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@ParamjitMahapatro, i too have same wave count, but not expecting extension, as of now
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