It has completed a 5 wave Impulse on the downside.
It is now poised for a corrective upmove.
Traders who are short should exit or keep a tighter trailing stoploss.
They can create short positions again after this corrective upmove is over.
There is also a low probability that the 5th wave has not ended yet in which case the count will need to be revised.
Right click on chart and click on view image for magnification
Dr Reddy hourly chart
Disclaimer: The views given in this blog are for educational purposes only. Readers should exercise personal discretion and take expert advice before taking any action in the stock market.The author of this blog is not responsible for any losses which anyone might incur in the stock market by acting on these views.
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