18 Aug 2020 ● 12:15 PM
Grasim was a big mover today but what I need to think about is the long term. The big picture chart of Grasim shows that prices fell after a 5 wave rise from 2000-2018 back to the wave 4 area of the previous rally. This could be a larger 4th wave correction in its long term trend. A 5th wave circle could start from here then, and probably already has.440 and 2650 are the lower channel and upper channel lines on this chart.
The near term chart of Grasim looks more like this. Wave III of 3 starting with the moving averages at 617 giving support and the upper channel at 750 as the next resistance.