Wave - 5 breakout in Adani Power
1. There is formation of typical Bullish Flag like pattern on Daily Time frame and breakout above 590 can take the price to 750/- price level I.e. potential of approx. 30% upmove with a stop loss below today’s low I.e. 517/-. Giving an excellent opportunity of 1:2 Risk : Reward.
2. As per Elliott Wave Analysis, wave - 4 is under formation taking support at 38.2% Fib Level. Projection of Wave - 5 from these level giving target of exactly 750 at 127.2% Fib level (Fib extension level of wave - 3 and wave - 4) coinciding with the target derived from Bullish Flag Breakout.
Target of 750/- upon breakout above 590/- with Stop Loss of 517/-.
2. As per Elliott Wave Analysis, wave - 4 is under formation taking support at 38.2% Fib Level. Projection of Wave - 5 from these level giving target of exactly 750 at 127.2% Fib level (Fib extension level of wave - 3 and wave - 4) coinciding with the target derived from Bullish Flag Breakout.
Target of 750/- upon breakout above 590/- with Stop Loss of 517/-.
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