ITC is already in Correction mode - Monthly

ITC Looks already in Correction mode - Monthly

ITC stock , did large correction lasttime during, started correction July 17 from 265 to 100.76 on mar 20. Then the motive wave started from 100 to 491 till sep 24 i.e. 4 year 6 months or 4.5 years. So ITC had grown 87 points per year during those time.

From sep24, stock has been correcting. While applying Elliot wave, we find the motive wave cycle had ended on sep 24.

So we are expecting a correction . Currently the movement seems rapid downward movement , i.e. 491 to 400 value recently. Movement of - 91 during last 5-6 months. i.e. 18 points per months or 216 points downard per year rate. which is much faster compared to last 87 points up movement speed.


As per theory, it is evident that the correction is there to continue for some time. Current month, we can expect it to do correction till next month march 25, when there is chance of little changes while forming the corrective abc.

Key dates to watch out for the corrective wave are marked on chart. Happy trading.