2 Jul 2020 ● 07:44 AM
M&M has been slowly jogging along. Elliott wave wise the move so far is 3 waves and consolidating in a 4th wave triangle. Maybe today it is attempting to start wave 5. Here wave 3 is smaller than wave 1 so the 5th would be truncated. the previous swing high at 591 would therefore be an important resistance level. The entire move up has seen prices take support on the 20dma and move higher [the red line]. This is at 497.