Bata (India) Ltd is going through a longer term correction. It's going through wave (4) primary wave correction. Well, the interesting part is that it appears to have completed wave b of wave (b) in an a-b-c correction, which is underway since last Mar'20 (under Elliott wave model). Interestingly, wave b has just traced 0.618 of the wave a and now just starting to rise up on wave c. Wave c will be a brisk five way upward journey to somewhere in the region of INR 1900 levels, which is where the correction of (a) started..
Once Bata gets to that region, it will side big time in Wave (C) to complete Wave (4), but that's sometime away. Once the present wave c of wave (B) completes, the slide should commence, but that's some weeks or couple months away, so not to worry. Right now, Bata is on an interesting upward journey.
Once Bata gets to that region, it will side big time in Wave (C) to complete Wave (4), but that's sometime away. Once the present wave c of wave (B) completes, the slide should commence, but that's some weeks or couple months away, so not to worry. Right now, Bata is on an interesting upward journey.