HIDCL Elliott Wave: 4th Wave Triangle Pattern

"HIDCL in 4th wave triangle, bullish above 271.90, target 347-371"

Signal: bullish

Current Elliott Wave count: Wave 4th

• Preferred levels:
• Resistance: 288.60
• Target: 347-371
• Stop Loss: 245
• Invalidation: 241.70
• Breakout: 271.90

We're monitoring HIDCL's correction, which appears to be unfolding as a 4th wave triangle pattern. Given the depth of the 2nd wave, it's not surprising to see the 4th wave playing out as a sideways triangle. A break below 241.70 would invalidate this triangle count for now. As a risk management strategy, we can consider using 245 as a stop-loss (SL) point. For a potential entry, we're looking for a breakout above 271.90, followed by a more significant breach of 288.60, which would give us confidence that the stock has bottomed. If this Elliott Wave count is correct, our target for the 5th wave would be in the range of 347-371.