Gail Wave C to start?

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 GAIL daily chart


Analysis

As seen in the above chart, prices are moving in a sideways direction with the upper and the lower extremes well defined. On the higher side the stock has the cap placed at 114 levels and on the lower side the stock has support placed at 85 levels. Recently the stock has arrived near to the resistance and has reversed its trend facing the overhead supply, thereby opening negative possibilities.

According to Wave theory, the stock has subdivisions and completed wave a at 83.50 levels followed by wave b in a flat pattern and has started wave c lower where wave i of wave c is over and currently it is moving in wave ii of wave c where it can reach near to 110-111 levels and then falter towards 95 levels in the form of wave iii.

The summation is GAIL can be sold near to 110-111 levels as it can falter towards 95-98 price zone over short term.

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