ABC irregular correction nearing a completion

Overview:

Prices are making higher high and higher low indicating stock trading in an up trend,here as per Elliot wave theory price is currently unfolding an corrective pattern post and 5 wave 5 impulse which mean post this correction we can expect another impulsive 5 wave move on the upside.

Analysis:

As shown in white color an impulsive 5 wave move got completed at the high of 3775,post which we are seeing an ABC correction marked in BLUE color,this ABC turned out to be an irregular type wherein wave B crossed wave A high,post which we are seeing an impulsive decline marked in mustard color.This wave C impulse's wave 5 is already extended,hence going forward we can we can quick recovery once price crosses 2931 level.

Verdict:

If we get a hourly close above 2931 then one can go long with a stop-loss of 2740 and a target of 3187,3292,3400,3496.

Disclaimer:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.

I may or may not trade this analysis