Trend indicator macd for SAIL is turned negative now on daily time frame, also with price closed below 20DMA along with follow up seen in today's session, price retraced up to 50% Fibonacci level of recent fall and turned back towards south. Also, possible Elliot wave counts are suggesting correction is pending ahead, if our counts are going correct then price can unfold wave C of wave Y of wave 2, then we can assume for target of 50 where wave C would be equal to wave A, fingers crossed, on the way upside 88 is an invalidation level for current view.
Possible wave counts on daily chart
Retraced 50% of recent fall
Price closed below 20DMA with followed up
Weekly upper band pressuring down, once it close below 20WMA then more bearish
20WMA is now crucial support level, once it breaks then more bearish
MACD in daily negative crossover
RSI in daily is down tick and below 50
RSI in hourly is below 40
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Disclaimer. I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
Dear Friend, Wave 1 is of 25 points Wave 3 is of 48 points, which is greater than wave 1, so it's not shortest, right...? Wave 5 is of 96 points, which is greater than all
so, as per wave principles, in impulse wave 3 should not be shortest in wave 1-3-5, and it's not shortest, in terms of points and also in terms of percentages
because this is log scale chart, so it may create some visual elusions, overall, it's as per wave principles only, which is clearly shared in image below, Thanks for reminding and concern. Thank you so much.
nnrahbar
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It may touch 100+ bfr down
UnknownUnicorn34972782
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no sail is In positive side only look at steel sector ,jsl today is 8%up
Mr_Iniyan
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Orthodox Elliot wave😆 ppl are so crazy of Elliott wave. Label what they would like to see on the chart.
pushkarupadhyay43
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iam holding at 112 what to do
moreajit
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@pushkarupadhyay43 downtrend is temparary ..uptrend is permently , so there divident yeald is a great ..
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