GRASIM - UP for a 10% correction from 2500 levels?

20시간 전

CMP - 2508
TF: daily

5 wave impulse from June'22 lows (1271) has ended at 2877.75. The Zone for the 5th wave termination was between 2731 to 2923

Internal counts are highlighted/mentioned in the chart for easy understanding.


Upon completion of the 5 wave impulse, price came down in single leg about 380 points. We can consider this as wave A and then a corrective rise to 2833 for wave B and thereby making a Double TOP. Price is now trading in the C wave and could potentially head towards 2200-2100 levels in the coming sessions.

This fall could very well be a 5 wave structure too.. but for now, I have labelled it as 3 wave down-move only.

Break of the 2-4 trendline (rising trendline from wave 2 low of 1521 and wave 4 low of 2171) would confirm trend reversal

For now. the AVWAP from the B wave top at 2645 will act as the RESISTANCE


- Price has broken the swing low of 2505 and consolidating at the breakout zone. Needless to say, the first dip to this level was bought in to already.. the current consolidation could very well signify a potential breakdown.

- the 2490-2510 range is also happens to be the 200 DEMA.. Price is consolidating here instead of bouncing up strongly.

- Price on Daily TF is trading well below the Cloud, Base and Conversion lines..

- The next potential SUPPORTS are 2171 June'4th Low, and 2210 (AVWAP from the lows)

- Since this is a retracement of the entire impulse from 1271 to 2877, the 50% fib level is placed at 2075

- In harmonic pattern, the minimum expected target is around 2250



- Assuming that this is a 3 wave swing, I have considered alternate Shark pattern in Harmonics.. if it goes past the X leg at 2182, then Cypher pattern will come in to play (target would be 1900 to 1700).. to be reviewed how it acts at 2000-2200 levels first.


I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.