Indian Hotels (INDHOTEL) seem to have completed 5 waves up in weekly chart which started around mid June this year. Now we may be on verge on starting corrective wave. Daily chart signals that correction from here may already have started since I can see lower highs and lower low formation in daily.
So how deep this correction could be? I would say a minimum of 38.2% should occur which points to 287.55, however I would be open to a much deeper correction given the general market conditions so we might even see level around 255 (61.8%) or even deeper. Once the correction is over, we should see another 5 waves up.
This view will get invalidated if we break the low made in June, i.e. 207.25.
