SUNPHARMA - BREAKOUT RETEST or END of 5th?

SUNPHARMA - CMP 1747

It appears that a 5 wave impulse from Covid lows (312) has ended at 1960

Primary and internal counts are marked in the chart

If it is too early to predict/expect a larger retracement of the entire move, lets take one step at a time and look for the price action from May'23 lows.. The 5 wave impulse from 922 to 1960. Even here, the 5 waves are complete and the price is falling/retracing.

Chart is attached here for reference



If we expect a minimum of 50% retracement of this 5 wave impulse, then we are looking at 1440 levels

Worst case, if you look at breakout retest (for those with bullish bias), then a dip down to 1640 cant be ruled out

Price is trading below the cloud and Super trend on Daily TF

Price is trading below all key EMAs.. and 200 EMA is next, placed at 1650 levels.

Definitely not a place to go long..

Daily close above 1800 would be the invalidation level

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