current strucutre:WXYXZ(Three correction connected by wave x)
Current leg:wave B of third correction wave Z
Internal form of third correction (wave Z)is yet undefined,here i have taken it as a flat,this can change.only coming days can tell which form it has taken.
Prakash pipe has been trading in an channel,which got breached recently meaning buying momentum is fading although after breaching channel it has not broken it's previous swing low.Going ahead wave C might note clear wave A high's of third correction Z as channel has been breached.
Downside support zone is marked on the basis of price action zone.Can expect bounce in the form of wave c which can take prices to previous highs.
Disclaimer:This post is only for future reference purpose,i am confused with the on going pattern hence no trades should be taken on the basis of this analysis
Current leg:wave B of third correction wave Z
Internal form of third correction (wave Z)is yet undefined,here i have taken it as a flat,this can change.only coming days can tell which form it has taken.
Prakash pipe has been trading in an channel,which got breached recently meaning buying momentum is fading although after breaching channel it has not broken it's previous swing low.Going ahead wave C might note clear wave A high's of third correction Z as channel has been breached.
Downside support zone is marked on the basis of price action zone.Can expect bounce in the form of wave c which can take prices to previous highs.
Disclaimer:This post is only for future reference purpose,i am confused with the on going pattern hence no trades should be taken on the basis of this analysis