Tempting H&S breakdown and retest with high probability EW down impulse development is seen in NSE:ICICIPRULI. Right shoulder fell in 5 waves which is marked as 1/A (either 1 of 1-2-3-4-5 OR A of A-B-C) down followed by a clean 3 wave ABC rise marked as 2/B. Now we are in 3/C down and seem to have completed minor ii of 3/C which means next wave down would be iii of 3/C.
From classical TA perspective, the H&S broke down we saw a retest followed by red candle last week (this is weekly chart). Both H&S and EW point to an upcoming downfall which might take the stock to near 300 levels. A breach on the north of 463 would invalidate this.
Disclaimer: Purpose of this post is to educate on technical analysis methodologies and not giving trading/investing advice.
