Vedanta
CMP 303
Earlier expectation was that it has completed its correction at Fib retracement of 61.8% (blue line).
But while recovering , it could not cross 61.8 % retracment of whole a,b,c fall ( pink line) as a first condition of long term recovery , also the recovery does not look like an impulse wave.
Hence we can assume that the recent recovery was B wave and a larger C wave is unfolding.
Yesterday it also closed below the recent trend-line ( red one) , it is not a good sign.
If the market sentiments go really bad and dollar begins its upward journey then we can expect the worst case scenario ( where C=A and is also a strong support area).
Disclaimer :This post is just for learning few methods of price-patterns. Views are personal. No buy/sell recommendations. These are probability study methods and chances of success/failure depend upon various factors.
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