After the Covid crash, PIIND has completed Waves 1 and 2 as per Elliott wave.
Right now, it is in Wave 3, and in uptrend.
However, Wave 3 is not forming the usual 1,2,3,4,5 pattern. Instead, it is going up as a corrective wave in the form of triangles.
We can see that the time between waves is almost equal (a minor difference of 4-5 bars)
Applying Fibonacci extension, the current uptrend is expected to touch Fib level 200%, after which we may see a fall, which will complete the current triangle.
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