Friday, August 03, 2012

Cipla - Elliott Wave Analysis

Weekly Chart
Please refer to my last post on Cipla, we expected Cipla to rally smartly, in possible wave III, and it has done the same, I feel we should reach comfortable in the 360-380 range, while completing the wave V of {C}, at this moment I am not sure whether wave III is done, we may make one final dash to complete it, what should follow is a wave IV correction, and then finally the last gasp in wave V before we turn down. But once again remember this is a large fractal, and on smaller time frame it may take a lot of time for patterns to develop.

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