Power Finance Corporation: Elliott Wave Analysis

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 PFC hourly chart


As shown in the above hourly chart, prices are moving in a lower highs and lower lows which indicates that the trend of the stock is negative and can dip going ahead. PFC is all set to break its previous low placed at 114 levels as it faced the resistance of the falling channel and all set dip next.

From Waves perspective, prices have started to unfold wave c lower after completing wave a and wave b (counter trend). Wave c can move down till 105-104 levels over short term to medium term.

The summation is, PFC is set to plunge till 105-104 levels from current levels over short to medium term.


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