GAIL Elliott Wave Analysis

GAIL Elliott Wave Analysis. As on 9 Nov 2019. CMP 127

No change from previous few posts.  We are awaiting completion of a possible downward ending diagonal that could take many weeks / months.

From previous to last post of 17 Sept when price was 130 “Hypothesis is that price is in an ending diagonal to the downside…A rally to the 150 – 160 level is likely in wave ii of the ending diagonal before the larger decline resumes.”

Since then price rallied to 148 and declined back again.  So possibly wave ii is already in place, but cannot rule out further small highs to the 150 – 160 level.