Indian Hotels

A timewise correction has happened in Indian hotels as prices have reached the lower trendline of the last 2 lows and bounced off that line pushing the daily momentum indicator in to buy mode and closing above both the 20 and 40 day moving averages. On this chart 3 impulsive wave have been marked and since the 3rd wave is shorter than the other 2 I cannot call it a leading diagonal anymore. It is therefore a series of 1-2-1-2-1-2, and will be followed by a series of 3rd waves. The next would be wave 3 of the last structure where the 3rd wave would be equal to the 1st wave at 177. The recent lows of 120 and 117.5 are both short-term support levels to watch.