GTYR - Hourly Analysis - 07-12-2024

Primary Structure: Bullish Impulsive

Primary Trend: Bullish

Current Wave structure:  Irregular Flat in Back Wave "2".

Expectations:  The structure in black wave "1" is completed as impulsive.  As per the basic rules, a pullback minimum of three waves may be expected in black wave "2". The ideal support level for this wave is around the 61.8% Fibonacci retracement level where many former waves swing highs and lows coincide. Weakness in the price is expected.
 Alternatively, a leading diagonal is about to complete in black wave "1." With that being said, a pullback of at least three waves should be expected.
 Scroll down to see the alternative count.
 NOTE: Made a total profit of Rs. 37.5 in two trades.

Recommendation:  7: Take the profit at the current level.i.e. 50.5
: Hold the longs.
5: Longs may be considered from around 28 with stops below 19. Keep the target open for now.
.4: wait for the pullback to ride again.
3: Move the stop to 28 positively and set the target at 38.
2: Hold the longs.
1: Long positions may be considered around 23 to 22.5 with stops below 19. Keep the target open for now.

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