Kansai Nerolac Analysis

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.