🌈 Sudarshan Chemical: Breakout + Elliott Wave Strength on a Multi-Year Setup!

📈 Wave 3 Rally in Progress (Elliott Structure) Completed a classic Wave (2) correction between 2021–2023, consolidating from ₹1150 down to ₹344. A new impulsive Wave (3) seems to be unfolding, now reaching ₹1321.40 after a sharp uptrend from the ₹344 bottom. 🔍 Fibonacci Zones & Price Action The price has cleanly broken past 0.618 retracement level (₹872) and 0.786 (₹977) — key bullish confirmation zones. Next Fibonacci targets: 1.0 = ₹1150 ✅ (already crossed) 1.618 = ₹1648 (wave target for mid-term) 🟣 AVWAP & Trendline Price remains strongly above Anchored VWAP (₹778.65) from previous swing lows — strong institutional support. Rising trendline structure indicates a healthy staircase uptrend. 🔁 Volume Confirmation Sustained volume uptick during breakout weeks — supports accumulation and rally strength. 📌 Fundamentals Strong player in the pigments and chemical additives industry. Leveraging China +1 trend for global sourcing. Improving margins and export order books post-2023, indicating earnings tailwind. ROCE improvement, debt reduction, and consistent growth visible in FY24 and FY25. 🧠 Summary Verdict: Breakout confirmation from long-term structure, Wave 3 in play. Above ₹1200 = bullish continuation zone. Immediate target: ₹1648 (Fibo extension). Ideal for positional traders looking for chemicals sector strength.