4 Mar 2021 ● 07:02 AM
The daily momentum crossed back to the buy-side for Dr. Reddy again. Now the decline is w-x-y instead of a triangle at the bottom, but we are within the 38.2% retracement zone at 4378 and prices are rising from there. This retracement is wvae 4 long term and a 5th wvae up is starting that could be a multi month process. A close above 4629, the 20dma, would be the next sign that the trend changed from down to up.
The monthly chart shows the larger picture, where wave 2 was a 61.8% retracement in alternation to wave 4. Wave 5 up could go back to the top end of the channel or where 5=1 near 7500.