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Cochinshipyardshort

Will the rally sustain in Cochin Shipyard or it is a bull trap?Exactly 6 months before I have shared my bearish view on Cochin Shipyard Ltd you can find in the link below. Now expecting a sharp decline of up to 60% from current level towards 880 level. The valuation is concerning and don't just buy because of business media promotions and the recent momentum. I have plotted the corrective pattern which I see clearly without any alternative view. Do your own due diligence before taking any action and this insight must not be considered as a trade recommendation. Peace!!
NSE:COCHINSHIPShort
by Swastik24
Would you buy the dip in Cochin Shipyard Ltd?A sharp correction of almost 47% doesn't look like wave 4 by any means like others are thinking. An extended 5th wave is followed by a sharp correction. Seems like corrective Wave A has been completed and a small pullback Wave B is expected towards 2000 odd levels before further fall towards 900 odd levels as Wave C to form a Zigzag. I am just guesstimating a zigzag to support my current view, it can be any corrective pattern we will see later. I have drawn a key level which is adding confluence for the price to find support. Not a trade recommendation, do your own due diligence before taking any action. Do like and follow for more accurate insights. Peace!!
NSE:COCHINSHIPShort
by Swastik24