Power Grid Trend Line and Elliott Wave Analysis

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 Power Grid daily chart


From the above chart, prices are moving in a higher highs and higher lows which indicates that the trend  is positive. However, trend line which is an integral part of technical analysis suggests that the trend has changed. There are two trend lines, the steeper one in comparison of two has been broken which can accelerate selling pressure towards the support of the flatter.

As per Wave theory, prices are moving in a a-b-c correction where I think it has completed  wave c in an expanding diagonal pattern, I will monitor the move which can convert into double correction (a-b-c-x-a-b-c) or complex correction (w-x-y). As of now there can be a sell off which can drag prices lower.

The summation is prices are negatively poised and can move down towards 221-219 levels over short term.

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