Hindalco: A perfect setup!

Sensex

Explanation
Wave (3) of final wave [5] looks to be over. We are now expecting wave [4] to start and a very small wave (5) of [5].
The best of the rally of final wave [5] is behind us and we expect a correction now!
As we stated in our previous blog, any long positions shall be immediately covered as this market will not give much clues when it turn.
Hindalco

We are measuring the pulse of Hindalco pretty accurately!
It looks like a perfect setup to go short on this stock as wave 2 / b is over and wave 3 / c of minor degree shall start now.
Initial target is 115 and then to 101. We will evaluate further path after this target is achieved.
The up move correction since March looks complete and we are expecting this as a strong down impulse move!