ALICON: Rebounding from the Golden Zone ALICON (Alicon Castalloy Ltd.)
Key Levels:
Lower Band of Retracement Zone: ₹1,018 - ₹1,076
Target Zone: ₹1,399 - ₹1,438
Stop Loss: Below ₹1,018
Structure & Trend:
Completed 5-wave Elliott structure with a sharp retracement into the golden ratio zone.
The lower retracement zone around ₹1,018-₹1,076 is a high-probability demand zone for a potential reversal.
Trade Plan:
Entry: Between ₹1,050 - ₹1,080 (retracement zone).
Targets:
First target: ₹1,250
Final target: ₹1,399 - ₹1,438.
Stop Loss: ₹1,018 on a daily close basis.
Note: If prices fail to hold the ₹1,018 level, it might trigger a bearish extension.
