ULTRACEMCO - ELLIOT WAVE 5 IN MAKING

Hi All,

This idea is about Ultratech Cement

Mkt Cap - 3L Cr
ROE - 12%
ROCE 15.3%
P/BV - 5.56
MktCap/Sales - 4.7
FCF - 2k Cr

Technicals

Price action being published is on a 1 hour TF. As can be seen by the pattern, Elliot waves are in motion. Wave 1 was an impulsive wave followed by Correction wave (Wave 2).

Ideally Wave 2 should correct to 50-60% as per Elliot theory & that is what happened during Wave 2 formation.

Wave 4 corrected again by 30% and point 4 above point 1 which all points to the validation of Elliot theory.

Wave 5 is about to commence which is as per the theory strongest impulse wave.

Cement Sector as a whole is doing well due to boost in infra sector.

Happy Trading,

Thanks,
Stock-n-Shine