This is a follow-up on post on M&M Mega Bear Post by me.
On 10 Nov at a price of 1002, i thought we have seen a top on M&M, as I thought that maybe we have completed wave e of Wave C for M&M. However, the stock has gone on to make a Rising Wedge (or lets say an Ending Daigonal) in wave e itself making a high of 1100 on 2nd Dec and trending sideways in zone of 1100 to 1050.
A look at Weekly charts suggest 5 continuous Doji or Small Body candles in same range. Based on my current wave count, I still believe that M&M is in topping out structure. I do would like to say, that i donot wish to force a Bearish implication, however takin into account inability to move forward, after reaching previous top followed by Negative Divergence on RSI and a possible 5 wave up Rising Wedge, i expect the stock to correct in near term.
On Daily Charts:
Old M&M Chart
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