Kopran

Kopran has bounced back from the bottom end of a falling channel and this begs the question of whether the ongoing wave 2 correction is over. Further confirmation will come from a move beyond the 20-day moving average at 117.50, and eventually a breakout of the falling channel above 128.

On the weekly chart, prices are also bouncing back from the 40-week average (green line), and this is a good level for wave 3 longer-term to start. What you need to think about though is whether wave 3 at this degree can end up being equal to the 1st wave which means going all the way to 910. This is where imagination is required, and some understanding of how the fundamentals are unfolding. Sometimes nothing happens all at once and therefore 3rd waves at this degree will subdivide into 5 waves themselves and take a long enough time for the underlying story to unfold. Therefore it may be fair to expect smaller fractals inside the 3rd wave to develop in a 5 wave sequence. But the speed completely dependent on the growth path that requires greater insight. Last but not least what if wave 2 is not over and still takes more time to consolidate or continue a little deeper before making a comeback. This is just the 1st level where it is usually possible for wave 2 to end, and when such levels hold they also signal long-term strength going forward. In terms of retracement, the decline is just short of 38.2% of wave 1.