18 Sep 2020 ● 07:15 AM
In my April post I discussed wave 5 of Biocon on the long term channels going up to 600 odd. Now we can look at the breakdown. The March low was wave II of 5 and from there we started wave III up. Either wave III ended in July or only wave I of III ended in July. Both ideas have different implications. The first fractal would lead us to ending this move closer to 570 near the top end of the channel. The second case in blue though shows that wave 3 of 3 can go as far as 715 if equal to the first wave. The end result will also be a function of the Pharma sector that is now in overdrive. So lets see where the next 5 wave move ends. 410 is the near term support from the 20/40 day average on this daily chart below.