Lupin has been sustainably moving in upward direction post forming its interim low 504 levels in the month of March. You can see below how various indicators combined with Elliott wave shows the direction of the stocks.
Ichimoku cloud and Impulse wave shows the powerful rise and we are witnessing the movement in upward direction in Lupins.
Below is the chart we published in our monthly report, “The Financial Waves Monthly Update”
Lupin Weekly chart: (Anticipated as on 11th May 2020)
Lupin hourly chart: (Happened till now)
(Below is the extract of the research from our Monthly report published in May)
Elliott Wave: We can see that on the weekly chart above Lupin completed wave 3 in the last quarter of 2015 near its life time high of 2130. Since then the stock had been moving lower in the form of wave 4 which unfolded as a complex corrective pattern and travelled through the falling channel. The stock completed wave 4 near the low of 504 levels and broke above the channel decisively in the form of wave 5 which is currently on-going. The hourly chart shows the first wave within wave 5 unfolding in an impulse fashion.
Ichimoku cloud: The Ichimoku cloud is one of the best objective methods which can be used on larger time frame charts for identifying the dominant trend of the stock. When price is trading above the Ichimoku cloud it indicates that the trend is bullish. The lagging line (green line) above the cloud and price gives an added conformation of bullish trend and vice versa. This indicator also helps in objective counting of Elliott wave as we can see that since 2016 Price was below the cloud as wave 4 was unfolding on the downside. Now that price and the lagging line are both above the cloud it clearly indicates that the trend has now turned bullish and that wave 5 has begun on the upside.
In a nutshell, It looks like Lupin has formed an interim low near 504 levels and the uptrend in the stock has just begun which can last for many months.
Happened till now – Post recommending the stock prices are moving in line in the direction of our target expectations. In today’s session the stock again hits its new 52 week high near 953 levels. We might now terminate the short term corrective wave (ii) post we see consolidation near the higher levels and next impulse wave has begun on upside.
This article is for study purpose only to view complete details research and medium term target level get access to the monthly research report – The Financial Waves monthly update
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