Mothersonsumi is forming a beautiful elliot wave formation & looks like it will defeat the ATHs of 260-270. Also, it is seemingly doing a massive cup and handle formation, from Jan'18. It is above all daily EMAs for now.
Invalidation levels: 200 or a high volume drop from 200d ema
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This has worked beautifully so far. Since wave 4 low, this has formed higher highs and higher lows & is now testing the 238 level. Might see a sideways movement and then a break towards past high!
can October ce be tried here? will wave 5 be fast one?
kvsrinie
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@thakurketant, I realized later that I had marked incorrect waves. Wave 3 right now is actually wave 5 of a bigger wave 1 (starting from Oct 2020). It did a correction wave 2(wave 4 marked here) & promptly bounced from the 200d ema. This is bullish right now as it is again above all EMAs. It will be even more bullish after defeating 237