Since Aug2015 Highs of 375- Adani Ports have been moving into larger corrective structure & likely to touch 100-120 zone in the coming years where (C) wave will measure the same distance which has been travelled in Wave-(A) at lows@170 from high@375 forming a .
Since double bottom- it was again an irregular structure A-B-C which made a top@317 highs. From that top it had a fall to 245-250 zone where it took support & bounced -currently trading at 287.
Short Term Opportunity
It can push to 295-300 zone & if holds & starts falling below 290 marks & sustains -there could be a selling opportunity for targets 245-250 zone
Long Term Opportunity
Going below 245- Likely starts its down leg to the desired zone of 100-120 going into Year 2017.
Related Analysis attached below
How the zone 245-250 was always in radar of bulls- enjoy the power of McDonald meals
Moving in the desired direction from yesterday at 287
Just missed the range of 295-300
Turned from 291.30's but I mentioned going below 290 & sustaining below could be selling opportunity - today it was a gap down opening -made day's low@279. Has Adani ports also started down- ask yourself this question. May be you get an answer from your inner self.
Almost 30 points fall below 290"s- Heading for 245-250 target zone as mentioned in short term opportunity.
Going Below 260- It starts moving down back to next support zone 245-247
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw