ITC is getting tighter and tighter. Above all the EMAs. Major support at 198, resistance at 251; Upward trend line from March lows getting closer. We are in Wave 4 of a classic Elliot wave pattern. Notice that the lengths of waves 1 & 3 are the same & both took around 100 days to form. Wave 2 was an exact 61.8% retracement of Wave 1. Wave 5 target of 278, ideally around Q1 2022
Target: 278
Stop Loss:198
Target: 278
Stop Loss:198
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It was a beautiful, high volume bounce today. Looks like we are already in wave 5!
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ITC running & already testing Feb'21 high (also the pre-pandemic level!). Expect a small resistance here, maybe a bullish flag formation & a bull run towards 280!
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Already, it is testing the Feb'21 high. And, as predicted, creating a bull flag in the hourly chart. Did not expect this pace
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Has created a near perfect bullflag since the 21st september high. 20d ema has held so far. Now, it should bounce from here & breakout towards 260/278 & beyond
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It kissed the upper trendline exactly at 265 & saw a sharp pullback. This should correct & test 20d ema at least & go back up again.
Trade still active & bullish
Trade still active & bullish
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Note: The bullflag formed from 23rd Sep - 8th Oct had miniscule volume when compared to the runup from 215. And then when the flag broke, high volumes resumed - This is a clear bullish sign. I believe a similar thing will happen now, before a clear break above the red trendline
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Wave 1-2-3-4 identified in the chart are in fact Waves 1-2 & another Wave 1-2. So, a conservative wave 3 target here is 287