Glenmarkpharma
Glenmark - Elliott Wave CountGlenmark - Elliott Wave Count
the market seems like near wave B. we can expect one more impulse move upward and then the market likely to fall to wave C.
Please note that this information is for educational purposes only, and it is crucial to trade with caution.
NSE:GLENMARK NSE:GLENMARKZ2023 BSE:GLENMARK
#GLS LONG TRADE IDEA SETUPGreetings Folks,
today i have prepared a setup of GLS on NSE
the analysis is as follows
- price is in a range structure right now
- we are looking for a breakout in upper side
- if the price opens with gap up, better to enter at minor retracement
- if price dont breaks the range by noon, we wont initiate the trade
dont play with fire, always use a predefined stoploss
Glenmark Pharma Buy
Wave 1 and 2 are both 3 wave sequence structures and Wave 3 will be a 5 wave sequence structure as wave 2 has closed by reatracing wave 1 by more than80% and less than 100% which suffices the rules of wave 1 and 2
Price has formed a 6 Month Demand and the Target is derived as per the FIbo ratio of 161.80%
which gives a Reward : Risk ratio of 16.8:1
ENJOY THE RIDE ! ! !
GLENMARK ::: BULLISH :::DATE: 02 SEP 2021
INSTRUMENT:GLENMARK
TREND: BUY
TIME FRAME: DAY
CMP: 538.40
BUY ABOVE: 540
STOP LOSS: 519
TGT 01: 550
TGT 02: 578
TGT 03: 594
RISK DISCLOSURE:
We are not S E B I registered analysts. VIEWS EXPRESSED HERE ARE FOR OUR RECORD PURPOSES ONLY. Please consult your personal financial advisor before investing. We are not responsible for your profits/losses whatsoever.
GLENMARK - ready to fly for 15%DISCLAIMER:
As a trader, you should consider your own risk: reward ratio and do proper lot sizing according to your margin and leverage level. This analysis is a trading idea, not a trading signal for you. Consult your financial advisor before making any trade.
My own trend direction estimation, entry point, stop loss and take profit levels are on the chart.
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Good Lucks.
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