Wipro Elliott Wave Analysis

 Wipro daily chart

From the above chart, the IT stock which was persisting above the rising trend line has given a bearish break by trading below it. Also to embellish, prices have discontinued the higher highs and higher lows formation which is making the formation weak.

As per Wave theory, prices are moving in a complex correction (w-x-y-x-z) where in wave z there is a descending triangle pattern. The breakout of the triangle is bearish thereby confirming a topping process and also end of wave z.

Now the stock can plunge near to about 370 levels over short term with immediate resistance at  416 levels.

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