In this Article I am going to discuss Elliott Wave Structure of GNFC. The Trade Set Up has been identified and shared by one of online Elliott Wave Course “Waves Of Wealth” subscribers. Recently the member had identified a solid Set Up 1 Buy in KPR Mill, which is one of the Trade Set Ups that I have explained in great details in my course “Waves Of Wealth”. The member booked 25% profits in KPR Mill and you can check the detailed analysis here: How Wave Principle helped “Waves Of Wealth” member capture 25% move – Dev Advisory – Stock Market Educational Institute

GNFC too looks a good Set Up 1 Buy and the labelling on a weekly chart is done as follow. (See below weekly chart)

As you can see the counter seems to have completed its Wave 4 correction and now might be going for its 5th Wave. Let us do Fibo exercise and understand the relationship among the labelling.

The Fibo relationships look quite in line with the Guidelines as Wave 3 extensions was exactly around 175% of Wave 1 and Wave 4 retracement terminated between 0.382-.05, just under 0.382 level. Let us now dig further into Wave 4 correction to collect evidences to be reasonably sure that it might be over. So we will go to one lower degree i.e. Daily Time Frame and do our analysis. (See below daily chart of GNFC)

Wave 4 correction looks like a Zigzag or Simple correction and this is in line with Alternation guidelines as we had a Complex correction in Wave 2.

As we can see within Wave 4, Wave B retraced exactly around 0.618 and Wave C extended around 100% of Wave A which is very much in line with the guidelines of Wave Principle. So looking at Wave 4 structure we can be reasonably sure that the correction is over and the stock is now in Wave 5. Besides on a weekly chart the price has closed above DMA which further confirms that Wave 4 correction is over. (See below weekly chart)

Having satisfied ourselves as to Wave 4 correction is over, let us now use Fibo extension tool to arrive at logical Wave 5 TGTs.

The commons Wave 5 extension levels are 0.382/0.5 and 0.618. So 439 which is 0.382 extension, is our minimum expectation as Wave 5 TGT. And if we get extension the counter may even touch 477-516 levels in a medium term. Invalidation level is 314.

This is how you can create a clear trading plan using Wave Principle. In my online Elliott Wave Course “Waves Of Wealth”, I have covered all Trade Set Ups in great details using real-world examples. And the best part of this course is that you will have a life time access as well as life time support. I regularly discuss real time trade set ups with course subscribers which not only help them refine their learning but also earning profits by trading on such high probability trade set ups. 

Isn’t it a great deal to have earning while learning? So go ahead and join the course “Waves Of Wealth” right away and take your trading and investing to the next level. 

I will see you inside the course.