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Sensing Sensex

PENTAFOUR SOFTWARE: FAILURE OF THIRD WAVE?

This scrip touched a high of Rs. 1109 last year and then entered the corrective wave. It fell by Rs. 648 to terminate the corrective wave at Rs. 461. From here, Pentafour Software begins rising sharply and added Rs. 325 to touch Rs. 785 within couple of days. Then it took a small correction and began rising again. After making large waves of rise and small waves of fall, ultimately it formed the top of Rs. 1285. This time while falling, it pierced the last year’s top of Rs. 1109 and stopped at Rs. 1033. Even after denoting weakness through this fall, Pentafour Software rose till Rs. 1313.40 and since then it has been falling.

It has fallen in three waves. First wave was from Rs. 1313 to Rs. 1056. Second wave formed three parts i.e. A, B & C. Second A was from Rs. 1056 to Rs. 1248, Second B fell form 1248 to 1028 and Second C was formed from Rs. 1028 to Rs. 1245. And the third wave fell form Rs. 1245 to Rs. 888. This whole fall from Rs. 1313.40 to Rs. 888 has formed the structure of a single wave. Because, at no point there is any indication of change of wave.

Now there are two possibilities. Either the third wave stands terminated at Rs. 1313.40 amounting to third wave failure. Technically, the minimum price to be crossed by third wave comes to Rs. 1570. Or this scrip is in the third wave (Internal) of third wave in which case the minimum target it should cross is Rs. 1740. But, till the time of writing this, it is neither having the characteristics of third wave nor the rise is being substantiated by the time scale. Least, it starts happening from tomorrow, this scrip is in the second wave of fall. It has to cross the level of 1068 for the change of wave or this rise will be labeled as part of the first wave of fall. From the point of termination of second wave of fall, Pentafour Software will enter the third wave of fall. The length of this wave will be Rs. 425 (equal to the length of first wave of fall) or 1.618 of Rs. 425 or 2.618 of Rs. 425.