The correction is not yet done

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Adani Enterprise CMP 2968.35

Elliott- The first wave down has 5 legs hence its the wave A of the corrective pattern zig-zag. The rally back to the highs is wave B. The current pull back is the start of the C leg of the correction.

Fibs- A weekly close below 2845 will be a confirmation of weakness.

Trendline- Retest of a rising trendline from below is a sign of weakness.

RSI - negative divergence in the bear zone ,confirms the weak setup.

MA- the stock currently is taking MA support. Hence any bounce back will be an opportunity to sell.

Volume- the volume after the fall has only fallen indicating this rally is indeed corrective and should not be trusted.

Conclusion- Any negative news in this counter will be met with selling as the set up is weak.
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In my view this correction will end around the previous lows of 1400.
Technical IndicatorsTrend AnalysisWave Analysis

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