Neuland has a daily (and even weekly ) gap down after a very big run up. Plus as you mention, there are bearish divergences. On monthly chart there is a big bearish candle covering the body of previous bull candle. There are multiple evidences to suggest bearish bias in the stock.
I don’t use Elliot Waves too much because I don’t understand its interpretation very well. Just to see how it works I have been following a few EW experts who put up their views on TV channels, and found them partially correct at best. For me, simpler methods have worked well till now and continue to work well.
@Kuldeepjadeja I don’t track Just dial too closely.
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