Biocon Elliottwave Short Term update :
Previous Biocon post was on 4th Nov having topped at 421, quote “Biocon appears to have completed wave D of a 4th wave triangle. Expect some downside price movement in 3 waves to between 330 – 380 levels before a 5th wave higher eventually takes price to above 500 based on 4th wave triangle measurement.”
Price has now fallen in line with expectation in Wave E of triangle and cmp is at 367. Fall is sufficient tho’ reversal is not confirmed as yet (wave E has not moved sufficiently in terms of time but distance is sufficient). Several ways to play this – either await a daily bar reversal candle or 5 waves up / 3 down or scale in from cmp levels. Traders have their own styles, so trade accordingly.
Current chart and also previous post chart given. This is a high confidence setup as price has moved in accordance with wave count. Post triangle thrust measurement suggests price should move to the region of 510.