Glenmark pharma: Elliott Wave forecast

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Glenmark daily chart


This pharma stock has been underperforming in 2019 but off recently it has shown signs of resilience. I was too optimistic for metal and now for Auto but it seems that pharma will start surging in 2020. I have placed manual wave counts and came to a conclusion that this stock is set to soar near to it's resistance level.

As per wave theory, prices have completed a-b-c  pattern an has started new leg up. It is too early to say if it's reversal or just a bounce back, so I am expecting the latter one. This pharma stock is poised to move till 480 levels from current juncture.

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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful.
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