PSMC - Hourly Analysis - 07-08-2023

Sarfaraz Ahmad
Aug 07, 2023

Primary Structure: Bullish Impulsive

Primary Trend: Bullish

Current Wave structure: Correction in blue wave (ii)

Expectations: The rise from the low is aggressive and can be counted as five bullish waves. According to the rules, a pullback minimum of three waves must be observed. Since the second wave of the said pullback hit a new high leaving the possibilities of running or expanding flats in blue wave ii. A strong rally is expected after blue wave ii.

Recommendation: Wait for the pullback to complete.

Previously :