AHLEAST: Poised for a Potential Reversal?AHLEAST is exhibiting a potential "extended retracement" pattern, where the price has bounced back for a Wave B, but is now anticipated to decline further to complete a Wave C.
The chart highlights a target zone for this extended retracement between 196-204 INR. This zone is based on a 113%-127% Fibonacci extension of the last swing low, indicating a deeper-than-usual retracement.
Currently, the stock is trading at 140.13 INR, significantly below the anticipated completion zone. This suggests further downside is likely.
Key Points:
Extended Retracement: The pattern suggests a deeper correction is underway.
Target Zone: The 196-204 INR range is a key area to watch for potential support and a possible trend reversal.
Wave C Completion: The current decline is expected to complete Wave C of the corrective pattern.
Considerations:
Confirmation: Traders should look for confirmation signals within the target zone, such as bullish candlestick patterns or a break of a short-term downtrend line, before considering a long position.
Stop-Loss: A stop-loss below the target zone would be prudent to manage risk, as a break below could lead to further declines.
Disclaimer: This analysis is based on the provided chart and is for informational purposes only. It is not financial advice. Trading in the stock market involves risk, and you could lose money. Conduct your own research and consult with a financial advisor before making any investment decisions.
