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SAZEW - Weekly Analysis - 26-07-2024

  • Sarfaraz Ahmad

Primary Structure: Bullish Zigzag / Bullish Impulsive

Primary Trend: Bullish

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

Expectations:  The second wave of the bullish zigzag is completed in three waves as red wave "(b)". The rise from the low of red wave "(b)" or "(II)" is too aggressive and impulsive. The price achieved all desired Fibonacci extension levels. We may witness a pause in this bullish cycle. This consolidation may appear minimum in three waves in red wave "(IV)".
 If we have witnessed a sharp decline with an overlap to the red wave "(a)", the whole structure may be considered a completed zigzag.

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