IOC Antcipated Happened and Elliott Wave Analysis

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 IOC hourly chart anticipated on 22nd Nov

IOC hourly chart happened on 3rd Dec 2020


In my previous update dated 23rd November 2020, I had mentioned that, “IOC is all set to soar till 88-90 levels over short term with support at 81 (closing basis).”

The stock moved above the mentioned level and made a high of 97 levels, thereby achieving my level when the stock was quoting at 84 levels.

In the hourly chart, prices are moving in a higher highs and higher low, there is no discontinuation of this positive formation and so it is imperative either to break the rising trend line or its previous lows.

From Waves perspective, the stock has completed double correction pattern (a-b-c-x-a-b-c) and it is possible it can start triple correction as well but the counter trend which is wave x is pending, retracing till 91 levels.

The summation is IOC can tumble near till 91 levels with resistance at 95.9 (closing basis). Ay move below 91 will open further negative possibilities

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