Cochin Shipyard Stock (NSE): Wave (Y) DevelopingCochin Shipyard LimitedNSE:COCHINSHIPforextidingsCOCHINSHIP is showing a possible W-X-Y corrective structure on the daily chart. The first corrective phase, Wave (W), appears to have ended near 1180, followed by a recovery that formed Wave (X). The rally appears to have completed near 1843, close to the marked Fibonacci retracement zone. From there, the stock has turned lower and Wave (Y) appears to be developing. As long as the stock remains below the recent 1843 high, the current Elliott Wave setup continues to favour further downside. Traders should watch the developing structure closely as the stock approaches the projected support/target zones. Targets: 1360 – 1272 – 1180