Gail Elliott Wave Analysis

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 Gail daily chart

Gail hourly chart

From the above daily chart, the stock has given a bullish trend line break which was falling in nature. Also previously the stock was moving in a lower highs and lower lows but recently it protected its previous low and showing signs of cross the previous high (drawn by rising trend line).

As per hourly chart, Gail reversed from 61.8% from the recent high (65.35-106.90), this is a crucial support as it is a Fibonacci number. There are high chances now that the stock will cross its previous high or can test the recent one which is placed at 106 levels.

Elliott Wave theory suggests that, the entire rise followed by the fall was corrective in nature, where wave b was completed at 61.8% and now wave c has started up in which it is moving in wave iii followed by wave iv (counter trend) and wave v.

The summation is Gail can move up near to 103-106 price zone from current levels with strict stop loss at around 88 (closing basis).

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