JLICL - Hourly Analysis - 07-12-2024

Sarfaraz Ahmad
Dec 07, 2024

Primary Structure: Bullish Impulsive

Primary Trend: Bullish

Current Wave Structure: Potential Zigzag in Red Wave "(2)".

Expectations: We have witnessed five bullish waves in red wave "(1)" which can be assumed as the first evidence of major trend reversal. According to the basic rules, a pullback minimum of three waves may be witnessed in red wave "(2)". This pullback approached the 61.8% Fibonacci retracement level. The rise from its low is very agressive and can be expected to unfold in five waves.
NOTE: Only wave degree is changed.

Recommendations: 3: Take the profit at 193.
2: Hold the longs.
1: Long positions may be considered from 120 to 100 with stops below 85. Targets will be communicated with time.

Previously :