Earlier I had noted a possible 'B' wave correction as a triangle, ending near the high of 1920 for Piramal Enterprises Limited.
So far the development after that is indicating weakness in the up move. If we observe the price action movements, the down move though not gathered momentum yet but indicates the downwards bias. Large bearish engulfing candle formed yesterday indicates the same. Move below 1800 will increase the downward momentum.
From the price action movement in PEL it appears that the earlier view of B wave ending near 1920 is valid.
So far the development after that is indicating weakness in the up move. If we observe the price action movements, the down move though not gathered momentum yet but indicates the downwards bias. Large bearish engulfing candle formed yesterday indicates the same. Move below 1800 will increase the downward momentum.
From the price action movement in PEL it appears that the earlier view of B wave ending near 1920 is valid.
