Cipla is the primary wave (4) corrective move as expected after completing its (3) of 5 around 670 as shown in the charts below. The stock is expected to test its wave 4 of one lesser degree as per the guidelines of Elliot Wave Theory (EWT).
DAILY CHART
As the wave (2) correction of primary degree was deep and zig-zag. The wave 4 can be complex flat or triangle in the process of forming as per EWT guidelines. So one more leg of primary degree upside is expected as Wave (5) once wave (4) completed. Let's wait the counts to unfold with other technical tools to confirm the start of wave (5).
Raju V Angadi
Equity Research Analyst
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