Cipla seems to have completed a multi month correction pattern A-B-C at the low of 457.45 in May 2016. If this low holds in the upcoming days, then this view is valid.
Further on it is going up in 5 wave pattern so far. It may face resistance near 546 range. That is where this minor 5 wave pattern is expected to complete its 5th wave. The correction pattern that will commence from then on wards will give important clues on the future days. If that correction can hold itself to any price above 457.45 then the next set of 5 waves for the major 3rd wave will commence. Well for now we will be watching this closely.
Cipla daily chart:
Further on it is going up in 5 wave pattern so far. It may face resistance near 546 range. That is where this minor 5 wave pattern is expected to complete its 5th wave. The correction pattern that will commence from then on wards will give important clues on the future days. If that correction can hold itself to any price above 457.45 then the next set of 5 waves for the major 3rd wave will commence. Well for now we will be watching this closely.
Cipla daily chart:
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