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| Weekly Chart |
ITC weekly chart shows a clear impulsive trend, and there is still some upside left. The chart above shows that we may be in the last leg of this advance, in wave {V}. Once this is done, we will retrace a 5 wave move on a very large fractal. The daily chart below shows, a possible resistance around 280, where we are expecting wave III of {V} to end. We may consolidate a while before embarking on the final wave V of {V} of (V). The target for that wave comes around 330. So we may be headed for 330 with a pause at 280 levels before possibly the last rally in this impulse.
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| Daily Chart |
Is this a right time to invest in ITC, with long term holding (5 years).
ReplyDeleteI cant understand the logic here. This uptrend is in force since 2000, almost 12-13 years of up move. Consequently if it ends as suggested in the post above, the subsequent down move will also be equally devastating. I wont buy ITC for long term now, may be a quick trade towards 280-330 range, but that too for a very risky trader. It may sound far reaching but if this correction plays out, we may see ITC trading around 100 range, that is where I am comfortable to buy it for long term.
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