29 Sep 2020 ● 05:16 AM
Hindalco was among the stronger stocks in the sector as it moved up 104% bottom to top in wave 1, and wave 1 is a proper 5 wave move with an extended third wave over 5 months. The moving averages between 177-175 are the first set of resistance. Above that, we head up in wave 3 toward the previous high of 205. From the recent low of 155, an equal move in wave 3= 104% move and that points to 316. Note here wave 2 was a 38.2% retracement of wave 1.