ADANI PORT end of bull rally?
Adani port has just completed its bull run, which was started
from march 2020 from low of 203 to high of 924.64 on April 2022.
It appears in the bull run its 5th wave was completed on April 2022
with a high of 924.64. During this bull run it had its third wave terminated
on June 2021 at a price of 901. Before that it had a brief second wave which
was shallow in retracement and lasted for small period of time.
As per Elliot wave theory of alternation when second wave is shallow
fourth wave becomes little longer and fourth wave always takes more time than second wave.
After Adani port ended its third wave there came FPI account freeze by NSDL which witnessed
huge selling of all Adani group of stocks. It coincided with its fourth wave retracement.
The stock continued to move in a consolidation zone from April 2021 to march 2022
with no major change of price. And ultimately its breakout took place and it touched all time high of 924.64
in the month of April 2022. After its touching its all time high it started declining which normally takes place
at the end of bull run. And this is also coinciding with all the central bank through out worlds tightening Moneytary policy including our rbi to curb inflation. As a result Adani port which had a 52 week high in April this month approaching its 52 week low of 638 in the month of May 2022.
Of course it is difficult to say if it will reach that in May2022.
I have been tracking adani group of stocks very closely and shared its 5th wave and this decline with some persons closer to me.
Please go through my Reliance posts which I have been publishing in trading view since many days.
Don't forget to like this post and follow me to get updates.
please go through my posts of Reliance attached here with.
from march 2020 from low of 203 to high of 924.64 on April 2022.
It appears in the bull run its 5th wave was completed on April 2022
with a high of 924.64. During this bull run it had its third wave terminated
on June 2021 at a price of 901. Before that it had a brief second wave which
was shallow in retracement and lasted for small period of time.
As per Elliot wave theory of alternation when second wave is shallow
fourth wave becomes little longer and fourth wave always takes more time than second wave.
After Adani port ended its third wave there came FPI account freeze by NSDL which witnessed
huge selling of all Adani group of stocks. It coincided with its fourth wave retracement.
The stock continued to move in a consolidation zone from April 2021 to march 2022
with no major change of price. And ultimately its breakout took place and it touched all time high of 924.64
in the month of April 2022. After its touching its all time high it started declining which normally takes place
at the end of bull run. And this is also coinciding with all the central bank through out worlds tightening Moneytary policy including our rbi to curb inflation. As a result Adani port which had a 52 week high in April this month approaching its 52 week low of 638 in the month of May 2022.
Of course it is difficult to say if it will reach that in May2022.
I have been tracking adani group of stocks very closely and shared its 5th wave and this decline with some persons closer to me.
Please go through my Reliance posts which I have been publishing in trading view since many days.
Don't forget to like this post and follow me to get updates.
please go through my posts of Reliance attached here with.
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