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EFERT - Hourly Analysis - 31-08-2023

  • Sarfaraz Ahmad

Primary Structure: Bearish Zigzag

Primary Trend:  Bearish

Current Wave structure: Wave "(C)" of the zigzag

Expectations:  The decline from the high of blue wave "B" is overlapped with a triangle in the middle suggesting the corrective structure to unfold in blue wave "C". We are missing some more bearish moves to conclude the structure.
NOTE: Since the price achieved our targets we are removing this stock from the Hot PICKS.

Recommendation: 3: Exit the shorts as we achieve our targets.

2: Hold the shorts. More shorts may be considered around 83-85 with stops above 91 for a target below 80.

1: Short position may be considered around 89 with stops above 91 for a target below 80.

Previously :