ITC
CMP 471
It is at a critical juncture.
As mentioned in our Feb 5th post (given above), it is /was in 5 th wave and was projected to go near/beyond 500. It has already touched 499.70.
So can it go beyond 500 ?
As mentioned several times in several posts, 5th waves happen to be tricky as many a times they don’t follow usual rules of EW.
Currently we’re at the risk of ending the 5th wave.But how we will know that ?
Here is the catch ::
If it does not give a weekly close above 500 in comming weeks in near future, we can guess that the current rally is over and we can go back to 360 or below.
On the downside, 454/425 are an important level to watch for as these may give support.
Let’s keep a track. If it gives a weekly close above 500 in coming weeks , we will revisit the counts again.
On the bullish side, there are chances that what if the current rally was wave i of 5th wave and there are more legs to come ! And those legs ( wave iii, v) can take it to much beyond 700/800. Fingers are corssed as of now 
Weekly Chart
Disclaimer : This post is just for learning few methods of price-patterns. Views are personal and are purely based on our limited knowledge of charts. No buy/sell recommendations. These are probability-study methods and chances of success/failure depend upon various factors
| Subscribe To Our Free Newsletter |
