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ENGROH - Intraday Analysis - 31-01-2025

  • Sarfaraz Ahmad

Primary Structure: Potential Bearish Zigzag.

Primary Trend:  Bearish

Current Wave Structure: Potential Pullback in Red Wave "(B)".

Expectations: We must expect a structure of a minimum of three waves in black wave "c".  The decline from the high of black wave "b" is in five waves as red wave "(A)".  As per the rules, a pullback minimum of three waves must expected after each impulse cycle. This upcoming pullback in red wave "(B)" can test the golden ratio and fill the open gap.

Recommendation: 2: Hold the longs.
1: Longs may be considered from around 215 with stops below 205 for a target at 247.
Previously :