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Time frame: Weekly

United Spirits has started wave cycle from 85.20.
Wave ((1)):
Wave ((1)) is an impulse pattern that occurred in 201.

Wave ((2)):
Wave ((2)) is a zigzag pattern that occurred at 95.55.
Wave ((2)) retraced 100% of wave ((1)).
Rule 1: Wave ((2)) can never overlap the starting point of wave ((1)).

Wave ((3)):
Wave ((3)) is an impulse with extensive nature, 3.618% of wave ((1)) occurred at 816.
Rule 2: Wave ((3)) can never be the shortest impulse wave.

Wave ((4)):
Wave ((4)) is a triangle pattern with a five-wave structure, retraced 50% of the wave ((3)).
A: 594
B: 801
C: 438
D: 742
E: 442 (terminating wave)
Price surged after the breakout of the B_D trend line.
Rule 3: wave 4 can never enter the price territory of wave 1.

Wave ((5)):
Currently, price is forming an impulsive wave ((5)).
Wave ((5)) has retraced 161.8% reverse Fibonacci of wave ((4)), which is the most acceptable retracement for wave ((5)).

Wave ((4)) extended 78.6% of wave ((1)) through ((3)) at 1020, and the price had made a high of 1019. It is also an ideal level for wave ((5)).

We still have a 100% Fibonacci extension level for wave ((5)). Our next step is to analyze the lower time frame chart and study the sub-wave behavior of waves ((5)).

Time frame: Daily

Sub-wave cycle of wave ((5)) starts from 442.65. Price accomplished a corrective wave ((iv)), and price surged rapidly.
Wave ((iv)) is a double zigzag that contains seven waves.

If the price fails to break wave (x), Traders can sell for the following targets: 989 – 864 – 811. (U-turn levels).

Wave X holds most of the power of the impulse. If the price is capable to sustains above wave X, traders can expect the following targets: 974 – 1020- 1178+. Traders can enter at the 50% level of the current price move.
Note: trend never establishes without confirmation from wave (X).
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