ICBP (MONTHLY) ELLIOT WAVE PREDICT : END OF ABC CORRECTION?ICBP most likely will make an impulsive movement (5 wave rally) after the big correction (ABC correction).
The new 5 impulsive movement is on the way and will take ICBP to new All Time High.
There is Falling Wegde Pattern too (Continuation Pattern), and the Stochastic in monthly indicate the price is already in Oversold area and start crossing + Bullish Divergence
But this is Monthly Chart we are talking about so just be Patient because it will takes Months or maybe Years.
But we know the Trend will became Bullish in Long game.
In Short ICBP Have
Trend : Bullish 5 Wave Rally
Pattern : Falling Wedge
Stochastic : Oversold (Already Crossing) + Bullish Divergence
TARGET PRICE 12575 or HIGHER (ALL TIME HIGH)
DISCLAIMER ON
Indofood
Bullish Bias on INDFI got an idea of this market since we could see a long accumulation based on falling wedge pattern and others confluence that we have. 6700 would be a sweet spot target based on several reason from the chart. Buy on weakness should be your consideration and 5600 would be an invalidation value