Kansai Nerolac Elliott Wave Analysis. As on 9 Sept 2019. CMP 460
With price remaining above the trend channel, we are adding a count that has become the Primary count. What is clear is that price is in a triangle. What is unknown at this stage is it is a bullish or bearish triangle.
Primay : Bullish triangle. A decline to the 400 – 400 level would complete wave E of a bullish triangle and set the stage for a thrust to new all time highs above 608.
Alternate : Bearish triangle possibly complete. We cannot rule out a thrust lower to the 310 – 330 level in a thrust lower from the bearish triangle.