Hey Guys !
Hope you all doing well, I really was busy in last 1 month and could not upload my views on the stocks.
Today seen the chart of LTIM (Larson and Toubro Infotech: Mindtree).
It had finished its 5 wave rally near 7588.80 on Jan 04.2022. Being in correction for the entire 2022, now it seems, it has completed its correction near 3733.30 on May 26.2022 (more than 50% from the all time high). Keeping that low as a reversal point I found a diagonal structure formed from May 26 2022 to Nov 15 2022, I have counted them as a five wave structure.
To me it looks, it already have corrected about 61.8% of the move from May 26 2022 to Nov 15 2022. In a diagonal structure we assume that a correction of nearly 61.8% to 78.6 % is a healthy correction.
So guys we can further see 4081.50 level if it correct 78.6% but in my view it seems it has given the signal of reversal.
My invalidation point will be 3733.30 that is the low of 26 May 2022.
This analysis is only for educational purpose any losses will be sole responsibility of the traders/investors.
Thank you for watching this chart. if you liked the analysis please hit boost button.
Regards
Hope you all doing well, I really was busy in last 1 month and could not upload my views on the stocks.
Today seen the chart of LTIM (Larson and Toubro Infotech: Mindtree).
It had finished its 5 wave rally near 7588.80 on Jan 04.2022. Being in correction for the entire 2022, now it seems, it has completed its correction near 3733.30 on May 26.2022 (more than 50% from the all time high). Keeping that low as a reversal point I found a diagonal structure formed from May 26 2022 to Nov 15 2022, I have counted them as a five wave structure.
To me it looks, it already have corrected about 61.8% of the move from May 26 2022 to Nov 15 2022. In a diagonal structure we assume that a correction of nearly 61.8% to 78.6 % is a healthy correction.
So guys we can further see 4081.50 level if it correct 78.6% but in my view it seems it has given the signal of reversal.
My invalidation point will be 3733.30 that is the low of 26 May 2022.
This analysis is only for educational purpose any losses will be sole responsibility of the traders/investors.
Thank you for watching this chart. if you liked the analysis please hit boost button.
Regards