2 Jun 2020 ● 08:04 AM
Triangle soften precede final moves however sometimes the move does not end up being very big and can be a truncated decline to almost a double bottom as seen in this case and many of the financial stocks this time. Shriram Transport decline from the triangle to retrace almost 80% of the move up however Elliott wave wise I may even market as a flat and use a channel to map the pattern. Wave C can then go to the top end of the channel near 1000. In the short term the 20dma at 640 is an immediate resistance.