AbhishekHSinghCMT
Long

Auropharma - Wave Talks 895 to 503 - Can it be 503 to 895+

NSE:AUROPHARMA   AUROBINDO PHARMA
Wave Talks - If you can understand their hidden language. The most exciting journey which I had was in pharma             stocks as I visualized the fall in Auro at 895 in Aug2016.

Market moves in 5 waves & corrects in 3 waves - which was classical act by Auropharma             as per books. The fall was corrective from 895 to 503 & we squeezed early start in Wave- W from 895 highs as mentioned in below updates. X- Wave was complex & formed a triangle - we got the last leg within that triangle("e" leg ) from 648 to 675 & Out in time for the Y- Wave downside.

Y- Wave measured approx 61.8% of W- Wave & Travelled to 503 lows where it resumed it's uptrend.

What Next ?

Upside move from 503 was very sharp to 795- Post 795 it has been doing sideways with double bottom at 665 - so we know any move below 665 support can create problems for auro so till the time 665 is protected downside.

When to execute ?

Strategy 1- Plan to buy close to 665 levels which is double bottom in the zone 665-675 for targets 855- 950 - 1100+ Target - Shall come back to reassess later.

Strategy 2- Plan to buy above 775 - once it pokes above 775 just take care it does not return back inside 775 & also clears above 795- else be cautious.

Targets above 775-795 zone - 850-950 & 1100+

22nd Aug2016 Update - 5th Wave Terminal Thrust Above 814


Result of the update
Moved above 814 - Thrust confirmed & later pushed to 895 - Double Top - Time to book profits.




20th Oct2016 Update - Top@895 -is this the end - did you press panic button


Result of the update
Price Rejected in 890-900 Zone - Previous Wave 3 High was at 891- had sharp fall to 806 & bounced to 825 - Alarm raised - Did you press the panic button in time.




12th April2017 Update - Doji to give up leg & help forming the triangle

Result of the update
X- Wave Triangle (enjoyed "e" wave from 648 lows to 675 & closed the position -right in time before auro crashes)



13th May2017 Update- How can we forget - Bat's Curse in 620-630 zone - be careful - The final collapse

Result of the update
Failed in the zone 620-630 & the final collapse.

Trade active: 09:55 Hrs 16th Oct2017

Last Price@756

We have a Kill Roy Pattern ( Inverse Head & Shoulder Pattern) - Edwards & Magee - Famous Bullish Pattern - Target can be Head bottom to Head High on upside.

Trade active: 10:11 Hrs 16th Oct2017

Last Price@759

Partial Profit to be booked intraday between 763-765 - if stops else moving above 765 & holding above can travel next to 775-780 zone.
Trade active: 10:41 Hrs 16th Oct2017

Last Price@759

Try to exit between 759-760 -Once we get a chance - Just missed upside 764 target by 2 points -Made recent high@762
Trade active: 11:15 Hrs 16th Oct2017

Last Price@756

We are out from buy call in auro as markets (Nifty & Bank Nifty started correcting from its highs for the day).
That is the reason I gave 763-765 Target zone upside & look it turned down from 762 .
Going below 755 - If Nifty shows downside momentum then Auro also can slip along with markets.
Trade active: 11:28 Hrs 16th Oct2017

Last Price@757.50

Hope you remember " Strategy 1" - Plan to buy next in the dip of 665-675 or close to 665.
or
Intraday buy above 765 & daily wise (BTST) above 775.
Trade active: 13:31 Hrs 16th Oct2017

Last Price@756.50

Below 755 - It can slip to Neckline support@751-752 where it can rest next if holds then buy with stop loss below 750 once it recrosses above 757 for targets 764 & above 765 for 775 target.

Trade active: 14:28 Hrs 16th Oct2017

Last Price@758.50

Jumps to session high of 761 - Intraday Buy as suggested earlier only above 765 else we some weakness.
Trade active: 15:21 Hrs 16th Oct2017

Last Price@758

Painful day for auro- sideways move between 762 to 756 - we tried best to squeez what we can get in this sideways move.

Next move will start upside above 762 as that was the resistance for the day & below 754-755 -if holds then downside is open for 741-743 next.

Take care.
Trade active: 10:13 Hrs 17th Oct2017

Last Price@763

Holding 751-752 at bottom which was neckline -it pushed upside for 765 paid our 1st installment of the efforts taken yesterday.

Trade active: 10:51 Hrs 17th Oct2017

Last Price@769

2nd Target level for yesterday's intraday call almost done half at 771 - We will stay out of Auropharma for a while now. Book profits.

Trade active: 11:02 Hrs 17th Oct2017

Last Price@769

We shall be interested in auro next only if it moves above 775 & holds above that level.
Trade active: 12:41 Hrs 17th Oct2017

Last price@761.50

Cracking - Right from the top@771-772 - where we booked profits & out from buy call.

Trade closed manually: 12:30 Hrs 7th Nov2017

Thanks - Closing the update.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hi,
Hope you are doing good!
Double bottom break out is ready for this as per your study. Can I initiate cash buy on Monday for 895 TGT?
Reply
@butterfly87, Yes, If it goes above 800
Reply
butterfly87 AbhishekHSinghCMT
@AbhishekHSinghCMT,
Thank You.
Reply
butterfly87 AbhishekHSinghCMT
@AbhishekHSinghCMT,
Hi...dint initiate buy coz it touch 800 yesterday nd was bit down...today 15 rs down..thanks again for the advise.
Reply
@AbhishekHSinghCMT .... SIR PLEASE CHECK THIS FLAG PATTERN https://invst.ly/5j8lc ... on right path ? your suggestions plz ... thanks
Reply
@mihirksh, That is correct you can call this flag -if 775 -breaks on upside -Then it is heading for targets mentioned above. Let it first cross 775 & 2nd test is 795. If not then it slips downside side- now downside only below 740 mark.
Reply
you r a genius !!
Reply
@pvmahadevan, We all are genius. It is just that some recognise in early stages & some at late stages. You should read the book - "The Placebo Effect" Just think that you are genius & here you go - you become a genius -yes, you have to work as well to make the picture live. Caution- never think negative.
+1 Reply
Thanks for exit warning, still buy on hold ,
Reply
Let me buy first Ji,
Reply
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