Bearish Structure Still in Control, But a Twist is Possible

ALKEM continues to respect its larger downward channel, forming what looks like a classic W-X-Y corrective structure.

• Wave W unfolded as a zigzag.
  
• Wave X developed as a contracting triangle, ending near ₹5400.
  
• The current drop appears to be the start of Wave Y, possibly forming another zigzag.
  
• As long as price stays below ₹5460 (the 0.5 retracement of the entire W-Y structure), the bearish setup remains valid.
  

The RSI breakdown below 40 adds strength to the bearish bias. The projected Wave Y could extend toward the ₹3450 zone if symmetry with Wave W plays out.

Alternate Bullish Scenario:
While bearish remains the primary view, there's a low-probability bullish alternate:
If the move from the February lows to ₹5400 was actually a leading diagonal, then the current fall could be a Wave 2 correction. A sharp reversal from above ₹4491 might trigger a bullish breakout toward new highs.

Chart will be updated as price action evolves.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.