Tuesday, May 29, 2012

ITC - Elliott Wave Analysis

ITC has seen a consolidation phase after a steep rise in wave [3], as shown on the chart. This whole rise is taking place in the form of a breakout from a triangle. Now the wave [4] may unfold in a couple of ways, either it is a triangle similar to the one in the wave IV of higher degree, or a simple a-b-c with wave b as a triangle, and wave (c) targets in the range of 223.85 - 221. Since wave [2] was short and sweet, wave [4] was going to be complex and time consuming. Keep an eye on the larger market to catch the tradable wave [5] in ITC.


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