Wockhardt Elliottwave Count :
One of the most lucrative elliottwave patterns is the ending diagonal as it signifies a rapid move in the opposite direction at its culmination. It also does not appear very often. When it does appear, it only appears in 5th waves of an impulse or C waves of a correction. (In Wockhard’s case it appears in wave C of a correction, signifying a tremendous buying opportunity). Price tends to retrace to the origin of the ending diagonal (watch our posts for updates).
When the Nifty Pharma was bottoming out from June to Aug, we were actively looking for pharma stocks with clear elliott patterns. Wockhardt stood head and shoulders above the rest of the pack.
It had a clear 1-2-1-2 pattern, in anticipation of a 3rd of 3rd wave up. The icing on the cake was the clear ending diagonal pattern in the 2nd wave of primary degree, confirming a rapid move in a 3rd of 3rd wave.