Gail India has completed its 4th corrective wave, where wave C is the last leg of correction.
Price took 27 weeks to complete the corrective wave ((4)).
After completing the wave ((4)), the price has broken the sub-wave iv and signaled a rally. It also has entered into the corrective channel, and this rally can make a new higher high.
The traders can expect the following targets 149-156-170+ for impulsive wave ((5)).
Invalidation point is low of wave ((4)) at 125.20.
Wave Formations:
Wave ((1)) started to form an extreme low at 65.
- Leading diagonal
Wave ((2)) has retraced 0.618% of wave ((1)).
- Zigzag correction
Wave ((3)) has extended 2.618% of wave ((1)).
- Five wave impulse
Wave ((4)) has retraced 0.5% of wave ((3))
- Extended wave 5
Note
The price has made a high of 148.50, which is close to our earlier target of 149Note
TP 2: 156Note
TP 3: 173
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.