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Wave2

Is this trying to form the impulse for 3rd?Hello everyone, I've recently analyzed Lux Industries' stock chart using Elliott Wave theory, and I'd like to share my findings with you. On March 31, 2023, the stock reached a low of 1111, which appears to mark the end of wave 2. Since hitting that low, the stock has initiated a minute wave 1 and is currently in the process of forming wave 2 of minute degree. One interesting observation is that during this process, the stock created an ending diagonal pattern at the bottom, which is defined by a downward-sloping channel. This ending diagonal consists of five waves, with the first wave being the longest, and the third wave being smaller than the first, and the fifth wave being the smallest. This pattern is typically a sign that a correction is coming to an end. In terms of price projections, in the short term, I anticipate that Lux Industries may reach a target range of 1868 to 2243. Please keep in mind that this analysis is for informational purposes only and should not be considered as financial advice. It's always important to do your own research and consult with a financial advisor before making any investment decisions. We may or may not have position in the stock under analysis. Thank you for your attention, and please trade responsibly.
NSE:LUXINDLong
by imkhushal
1
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AMEX:SPYEducation
by BradMatheny