Power Grid Elliott Wave Analysis

 Power Grid daily chart

From the above daily chart, the stock is moving in a rising channel, but recently it faced the resistance of the channel and reversed which possibly opens plunging of the stock towards its support. As it can been seen prices are moving in a small falling channel, where it is reversing from its resistance and can move down towards it support, where the support of the rising trend line is place, popularly known as confluence zone

As per Wave theory, prices have moved up in a three wave structure and from there it is correcting in a three wave structure (a-b-c). Wave c is pending on the downside which can drag prices near till 200-198 levels, to complete either wave x at on higher degree or wave a on a smaller degree.

The summation is Power Grid has a crucial resistance at 220 and can move down from here till 200-198 levels over short term.

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Krishna said…
Why can't this be a diametric pattern ? where g is still continuing.
Megh Mody said…
I will be happy to see you chart on using diametric pattern

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