3 Feb 2021 ● 07:56 AM
It has been a long wait for Manappuram Finance, was weekly momentum indicators were in sell mode but have only now touched the zero line during last week's correction. With this the negative cycle is complete and we now look for a clear sign of a positive cycle to start. The next move up should be wave 3 of 3 (circle). The 1st 5 wave advance was from 2013 to 2019. The 2nd wave fell back near the previous 4th wave low from where we are attempting another 5 wave advance from the recent low near 151 we can calculate 3 = 1 near 378 as the next major resistance in the short-term the 2020 high of 194.60 is the 1st hurdle to surpass.