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Ashokleylandlong

{ASHOK LEYLAND}:[{USING ELLIOT WAVE NOMENCLATURE}] WAVE 1 : Wave 1 can be either a 5 Wave Sequence structure or a 3 Wave Sequence structure as well, but a 3 Wave Sequence comprises of two 5 Wave Impulse structure hence when Wave 1 is a 3 Wave Impulse WAVE 3 is supposedly way bigger than WAVE 1.(In the above pic also we see WAVE 1 is a 3 Wave Impulse structure.) Let's Move to WAVE 2 . . . WAVE 2 : Wave 2 and or Wave 4 both are formed in one timeframe lower to the timeframe in which Impulse is formed, as correction structures have less volume than the Impulses hence we can have a clearer picture in one timeframe lower to the one in which Impulse is formed. Similarly we have a 3 Wave Correction structure in 3 Months chart which defines WAVE 2 a simple correction structure. Wave 2 is typically 50%, 61.8%, 76.4%, or 85.4% of wave 1.(When we have a 3 Wave Impulse in Wave 1 it shoots from 50% due to more power as there is a double Impulse) WAVE 3 : Wave 3 is what brings us all to the table; the wave every trader wants to surf . . . Here's ur chance, We have checked that Price has retraced 50% of the Wave 1 as per Fibonacci Retracement tool. Similarly we can find out the Target of Wave 3 using Fibonacci Extension tool as follows.
NSE:ASHOKLEYLong
by WavesandZones
Swing Trading Idea Ashok Leyland 1to 3 monthsSwing Trading Idea Ashok Leyland 1 to 3 months Disclaimer: These levels are purely based on Price action/demand and supply zones & and consumed only for educational purpose & should not be taken as buy/sell recommendation. I will not be responsible for any loss/profit incurred if anyone takes trades based on my views. Please consult your Financial Advisor before making any trading decision. Leave a comment that is helpful or encouraging. Let's master the markets together.
NSE:ASHOKLEY
by sbkurandwad77