Lyka Labs is in a strong 'wave 3'The stock had its last impulse move in may 2023 which was a quick 40% move in a month's span.
From July end till mid Nov. the stock underwent a zig zag(Elliot wave) correction and corrected 50% of the impulse.
Now this week the stock is setting out very strongly in the 'wave iii' mode. The recent volume on this stock is unmatchable to any of its recent months volumes.
The stock is giving a multiple layered breakout by:
i. breaking out from a falling channel
ii. breaking out above important horizontal resistance area of 120-125
The stock faces no major resistance till around the 160-165 mark making it a smooth road ahead.
Any small dip/pull-back would be a good opportunity to enter the stock.
Note*- Please do your own research/analysis before taking entry in any stock. Views expressed here are my personal observations/opinions.
