If look at chart Long term Red wave I was placed on April, 2017 at 931. Red wave I composed of small five small waves (Green) which was extended in its 5th wave.
After completion of Red wave I, we saw long term correction in simple zigzag format and formed the expected bottom near 112.65. (Be in mind that according to Elliott wave Rules, corrective wave 2 can reach up to 100% of wave 1).
At the current time price is in Blue wave 5 of Gray Wave 1 of Green wave 1 of Red Wave 3 and price are heading towards its ideal target 446 to complete Gray wave 1. Once this wave completed we will see correction down to 238 before long term trend resume towards 1200 or even much higher.
Latest biannually reports shows the reduction of gross profit by 37 percent as compared to last biannually but if look at 2nd quarterly report 2020 we see significantly increased in sales as compared to 2nd quarter of 2019. As world economic growth decline, It also reduced discretionary funds in Sales & Marketing which reflects effective Management.
Financial Disclosure: The author is independent of any commercial funding and has no relevant financial interest except It has holding 2.03% out of total investment in above stock at the time of article was written.
“This analysis is being provided for informational purposes only, and on the condition that it will not form a primary basis for any investment decision.”