SYMPHONY WAVE COUNTS

Elliot wave labels on monthly time frame chart.

seems like symphony has completed entire 5 wave impulse cycle on primary degree to form Cycle degree wave 1 and currently we are in cycle degree wave 2 correction.Price wise we have seen 61.8% retracement(shown in white) of entire cycle wave 1 getting achieved in wave W of cycle wave 2 from where we have seen decent bounce.However this bounce has failed to cross intermediate wave B of Primary wave W which also coincided with 61.8% retracement(shown in yellow) of wave W at 1515 level.Meaning bounce could be wave X,going further we have seen price retracing, rise from 800-1515 swing by 80%(shown in red) and not going below it's previous swing low of 800,meaning wave x is sub divided in 3 sub-wave ABC.

Hence we can conclude that cycle wave 2 has taken a form of complex correction WXY of which wave W is done and wave X is going on.Of this wave X,wave A is done and wave B is in progress end of which can be confirmed once we see close above 1080.Once wave B is done we can see price rising till 1515 level in the form of wave C of wave X.

As price have already reversed from 1515 level twice,wave C of wave X can terminate at the same level as we also have 61.8% retracement of wave W at 1515,however it's not necessary for wave C of wave X to end at 1515.

Overall once wave X is done we can again see fall in the form of wave Y of WXY complex correction which can take price again to 800 odd levels.

For long-term investment one should look to buy this stock at 800 odd levels and stay invested as once cycle wave 2 is done we can see stock crossing cycle wave 1 high's,but this would take lots of time.

Disclaimer:This are just my personal views on the stock no position should be build or exited on its basis.Posting this analysis just for my future reference.

Elliott WaveFibonacci

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