ASL - Intraday Analysis - 03-05-2024

Sarfaraz Ahmad
May 03, 2024

Primary Structure: Correction in blue wave "ii".

Primary Trend: Bearish

Current Wave structure: Potential bearish Zigzag

Expectations: The structure in blue wave "i" can be assumed completed as we have witnessed a decent drop in five overlapping waves in red wave "(a)". This could be assumed as the first leg of the expected zigzag. Temporary gains in the price are expected to unfold the red wave "(b)" which can find resistance around the 61.8% Fibonacci retracement level.

Recommendation: Wait for the pullback

Previously :