Expected correction in united spirits (McDowell) up to 780 level
wave 2 is between 0.786 and 0.618 level of wave 1.
wave 3 is exactly 1.618 times of wave 1.
wave 4 started from 925 level, according to elliot wave theory it should retrace upto 780 levels.
Which provides us with a good shorting opportunity.
For additional confluence:- divergance spotted in MFI indicator (oscillator is making lower high but stock is making higher high). Look from mid august to 2nd week of sept.
wave 3 is exactly 1.618 times of wave 1.
wave 4 started from 925 level, according to elliot wave theory it should retrace upto 780 levels.
Which provides us with a good shorting opportunity.
For additional confluence:- divergance spotted in MFI indicator (oscillator is making lower high but stock is making higher high). Look from mid august to 2nd week of sept.
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