10 Feb 2021 ● 11:29 AM
GAIL has been consolidating for a while above the 40dema [127- support] and the daily momentum indicator finally crossed over to the buy-side. The 20dma is at 133.22 and we closed right on top of it. The upper band is at 144, which should be put to test in the coming 3rd wave higher. 3=1 is at 221
Now to speculate long term, have we started wave 3 or an impulse at a higher degree of time. To understand this perspective you have to be able to think 10 years down. The rising channel comes first at 703 and rising. It is rising based on time and therefore puts sense into the chart. If 3=1 at 2050 were to be achieved it would take years along the channel line. Also due to history not being there, we do not know if the previous decade was 3 and 4 instead of 1 and 2, then 5 is next. The main thing to watch and track, is the development of a 5 wave advance on this quarterly chart for the next impulse wave higher till it is complete.