What's happening in ITC?
ITC daily chart: After completion of Normal or Trending Impulse, the price falls.
We can see clearly that the first leg of this fall looks like an impulse (shown by red 1-2-3-4-5), which is wave A of Zig-zag.
Then price retraced to 38.2% forming wave B.
Currently, wave C is developing in ITC. The minimum fall for this is 61.8% extension, which is near the 459 level.
Remember that this is a minimum fall for any Zig-zag pattern.
If the price breaks 459 and starts trading below it, the target of 100%, which is near 438.85, will be achieved. (This also fulfills the Rule of Equality).
This analysis is based on Elliott Wave theory and Fibonacci.
This analysis is for educational purposes only.
We can see clearly that the first leg of this fall looks like an impulse (shown by red 1-2-3-4-5), which is wave A of Zig-zag.
Then price retraced to 38.2% forming wave B.
Currently, wave C is developing in ITC. The minimum fall for this is 61.8% extension, which is near the 459 level.
Remember that this is a minimum fall for any Zig-zag pattern.
If the price breaks 459 and starts trading below it, the target of 100%, which is near 438.85, will be achieved. (This also fulfills the Rule of Equality).
This analysis is based on Elliott Wave theory and Fibonacci.
This analysis is for educational purposes only.
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