Axis Bank

Axis bank broke the recent low and a lot of questions came up. It means that the recent 5 wave rise was not wave a, but as shown here mostly wave (c) of an expanded flat that completes wave B up Wave B retraced only 50% of A. The fall from the high has now become a 5 wave decline and is therefore wave i of C down. A minor wave ii bounce maybe possible with resistance at 516 at the 20dma but after that we are looking at wave C=A down to 424. Since wave A was a leading diagonal do not rule out that wave C will extend to 1.618 times wave A to 370.