ENGRO - Hourly Analysis - 31-08-2023

Sarfaraz Ahmad
Aug 31, 2023

Primary Structure: Triangle / Double Three in Wave "IV"

Primary Trend: Bearish

Current Wave structure: Bearish Zigzag in blue wave "E".

Expectations: The drop from the blue wave D can be expected to unfold at minimum in three waves. we are approaching the lower line of the channel. If for any reason the price rises and gives a daily close above 275.5 then the black wave "IV" will considered completed.

Recommendation: 4: Targets Achieved.

3: Set the targets at 245.

2: Hold the shorts.

1: Short positions may be considered around 275 with stops above 315 for targets around 220.