Piramal Enterprises limited (PEL) seems to be forming a multi-month correction pattern in daily chart. 2097 that it did in August 22nd was the end of some impulse wave. From then onward it retraced back to 1366.05 forming the 'A' of the correction wave. Further on it moved up in multiple correction pattern resembling a triangle. Triangles are features of 'B' waves.
Internal wave structure wave structure of this triangle also resembles the a-b-c forms. Accordingly we might have completed the 5th wave of the triangle 'e' at the height of 1927.40 or there is one more up pending till 1965.
After the completion of this we can expect an impulsive move down towards 1450-1300 area in 'C' wave.
Then? well we might be completing the correction all together or these three waves could be just the 'a' and another 'b' & 'c' pending. Or we can expect a 'X' and another a'b'c.
Whatever be the case, we can at least expect a move up and we might have found the low for recent times to come.
Daily chart with Elliott Waves for Piramal Enterprises Limited.
Internal wave structure wave structure of this triangle also resembles the a-b-c forms. Accordingly we might have completed the 5th wave of the triangle 'e' at the height of 1927.40 or there is one more up pending till 1965.
After the completion of this we can expect an impulsive move down towards 1450-1300 area in 'C' wave.
Then? well we might be completing the correction all together or these three waves could be just the 'a' and another 'b' & 'c' pending. Or we can expect a 'X' and another a'b'c.
Whatever be the case, we can at least expect a move up and we might have found the low for recent times to come.
Daily chart with Elliott Waves for Piramal Enterprises Limited.
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