NSE GLAND: A Critical Resistance Zone That Could Shift the Trend

Timeframe: Daily

In NSE GLAND, the price has respected the channel in three distinct moves, indicating a potential 3-wave correction setup. Currently, it is trading below the 50 and 100 EMA, with ATR at 55.96 and ADX at 42.07.

After reaching a high of 2220, the price declined and formed a corrective structure. Wave (A) completed at 1585.7, followed by wave (B) at 1964. Presently, wave 4 of wave (C) is in formation. The 1545-1585 zone serves as a strong resistance, where a decisive breakout could shift the trend. However, the price still needs to reach 1328 to complete a 100% extension of wave A, making wave C = wave A at 1328. A strong throw-under could enhance the probability of revisiting levels near wave (B).

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