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Alembic Pharmaceuticals is preparing for Rs. 140+

Posted: 27 Dec 2021 11:45 PM PST

Alembic is having a double zigzag (W-X-Y) correction of wave ((4)).

Price is stuck on the ending diagonal of wave Y.

According to the Elliott wave principle, if the price breaks up the ending diagonal, the price is supposed to reach the targets of 114-123-139 and more.
However, the price must confirm the trend by breaking the wave (X).

In case, if price breaks the low of wave Y, it can fall up to 79.
At this level, wave W has traveled 100% of wave Y. After that, it will initiate an uptrend for the above targets.

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