Motherson Sumi Elliott Wave forecast and symmetrical triangle pattern

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Motherson Sumi hourly chart

Motherson Sumi has shown resilience from 50 levels and is now trading at 79. The first structure after making the low of 50 was an impulse which has five wave marked in a numerical manner, after that prices are trading in a contracting pattern which has eventually formed in a symmetrical triangle pattern. Now it is imperative for prices to cross 85 levels to give bullish break which can surge the price near till 100-105 levels which is 61.8% of wave a to wave b .

The symmetrical triangle pattern has not retraced till 61.8% and it is on the bring to terminate near till 38.2% of wave a of one higher degree. This means wave c higher is pending and this entire structure wll convert into zigzag pattern.

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