Bharti Airtel: Last Leg of impulse wave
Bharti Airtel is a telecom stock and was in an uptrend from March 2014 till October 2014. The stock then started correcting especially after discontinuing the higher highs and higher low formation and started to form a lower high and a lower low formation which is a negative sign. Prices are moving precisely in a falling red channel and will continue to do so, till it breaches or equals or test its preceding pivot low placed at 335 levels.
As per Wave theory, the up move from March 2014 was a corrective move (a-b-c) where in wave c the last leg i.e. wave v was truncated. Currently it is moving down in an impulsive wave (1-2-3-4-5). Recently it completed wave iv at 367 levels and have started its last leg of impulse wave v on downside. Prices can move down till 335-330 levels in near term which will terminate one impulse wave.
In short, the bias is firmly negative for Bharti Airtel as it can test the level of 335-330 levels in near term. It is imperative that the level of 367 remains protected before it test 335-330 levels.
As per Wave theory, the up move from March 2014 was a corrective move (a-b-c) where in wave c the last leg i.e. wave v was truncated. Currently it is moving down in an impulsive wave (1-2-3-4-5). Recently it completed wave iv at 367 levels and have started its last leg of impulse wave v on downside. Prices can move down till 335-330 levels in near term which will terminate one impulse wave.
In short, the bias is firmly negative for Bharti Airtel as it can test the level of 335-330 levels in near term. It is imperative that the level of 367 remains protected before it test 335-330 levels.
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