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12 Jan 202103:25 PM

DLF did not make new all-time lows in 2020 relative to its previous bottom in 2016. During this period it has gone through a deleveraging phase which may fit in with the idea that the ending diagonal in 2016 was the bottom. What followed then was a leading diagonal in wave 1 and the subsequent decline in wave 2 to make a higher bottom in 2020. Wave 2 is an exact 78.6% retracement of wave 1 and wave 3 is now in formation. Prices are close to going past the wave 1 high of 273 and the next 3 resistance levels from previous swing highs are at 289, 397, and 490.

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