NSE BALRAMCHIN – Elliott Wave Suggests Bounce After Wave CBalrampur Chini Mills LtdNSE:BALRAMCHINforextidingsNSE BALRAMCHIN shows that the stock completed a strong up-move earlier and is now going through a correction. At the moment, the stock is trading below its 20, 50, 100, and 200 EMAs, which means the short-term trend is still down. The ADX (21.41) also indicates that the trend is not strong right now, and the market is more sideways. However, a falling wedge pattern is visible, and such patterns often end with a sharp upward reversal. According to Elliott Wave theory, the 5-wave rally ended near 627.80, after which the price started falling in an A-B-C correction. Currently, the stock looks close to completing the last leg of this correction (wave C). The important support zone is between 514 and 500. If the price manages to stay above 514 and crosses back above 525, traders can go long for the following targets: 543 – 576 – 615 – 640+