I am posting Elliott wave analysis of the monthly chart of BEL to understand it's structure.
-17-02-2015.jpg)
In daily chart, the price is in intermediate wave (5) of primary wave [3]. The intermediate wave (3) is smaller than the wave (1) so the (5) wave can not be greater than wave (3). May be the wave (5) has completed as there is reversal candlestick. So the next wave is correction in to primary wave [4]. Some correction is expected, one can use this correction as buying opportunity in to wave [5]. The target for this wave may be 4334.
-17-02-2015.jpg)
Disclaimer: This and all the ideas I present are for educational purpose only.
In daily chart, the price is in intermediate wave (5) of primary wave [3]. The intermediate wave (3) is smaller than the wave (1) so the (5) wave can not be greater than wave (3). May be the wave (5) has completed as there is reversal candlestick. So the next wave is correction in to primary wave [4]. Some correction is expected, one can use this correction as buying opportunity in to wave [5]. The target for this wave may be 4334.
Disclaimer: This and all the ideas I present are for educational purpose only.
