Wipro Update

Wipro completed a triangle and temporarily declined below the lower line, Now the break and the move out of the previous channel would make it look bearish. But the triangle could be a 4th wave phenomenon. That means one final rally higher despite a negative divergence on weekly charts. Maybe we will get a second negative divergence after this rally. 5th waves are notorious as they do not achieve major expected goals. A conservative target has been applied where 38.2% of the entire move is measured and projected for wave 5 to 534. The weekly Bollinger band near 470 is the immediate resistance and failure to surpass that can also result in a double top. 

In short, Wipro has to break out of the triangle above 431 to get to 470, and if 470 is surpassed it can go to 534. That may complete a larger 5 wave sequence finally. A move back below 413 would mean we are wrong about this.