Going below 600 levels- Auropharma can look for support in the zone 570-580 where W-wave which started from 895 to 620 (Precise level-621.90) -projected from 675 High X-Wave (Triangle) shall travel 38.2% at 571 levels which is close to 580 -prior low.
In other words, Y -wave distance started from 675 highs where X-wave(Triangle) ended shall measure 38.2% of the distance in W-wave(895 to 620) at 570 levels.
Calculation 895-620 = 275 - Calculating 38.2% of 275 = 105 points - Now Subtracting from 675 (675-105) = 570 675- X-Wave High
The zone of 570-580 shall be the zone where we can look Auropharma to halt & complete a larger WXY pattern from 895- "Turning into reality" - we shall come back for review later.
Trading Strategy Going below 600 - we shall be looking for 570-580 as target or support zone- where we come back for review.
Previous Update- 895 - is this end
X-Wave Triangle finished at 675- before finishing we took the leg from 648 to 675
Making of the triangle X wave- 710 haunts both the brothers- Auro & Sun
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12:10 Hrs 3rd May2017
Last Price@588
18 -20 Points away -Auropharma should kiss the initial target zone of 570-572.
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10:17 Hrs 5th May2017
Last Price@590
Going above 595 - Intraday jump of 600 & beyond 600 for 605 targets can be seen.
So, pullback can be used to take intraday long positions for 600 & above 600 for 605 targets. Later Falling below 600 & 590 after making new high shall be looked to sell for targets 570-575.
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11:21 Hrs 5th May2017
Last Price@600
Intraday Both Target achieved at 605- Last updated at 590
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14:07 Hrs 5th May2017
Last Price@587
Booked 23 Points in all for the day.
Booking here again at 587 - Sold below 600 after 606 Highs Target was achieved in Morning!
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13:51 Hrs 8th May2017
Last Price@596
Doing some complex correction between 580-600. Above 600 -we shall look for 606-608 Target Zone & Above 610- It will extend to 616-620 Zone as next target zone.
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17:52 Hrs 8th May2017
Closing Price- 604.65
Target achieved at 607 suggested in interim update above - long above 600
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10:35 Hrs 9th May2017
Last Price@594
Falls just below 610 - we were suppose to buy above 610 - Fantastic slip to 594 from 609. Falling below 581-583 Zone - likely more weakness & shall kiss the zone 571 as next target level mentioned above.
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12:06 Hrs 10th May2017
Last price@616
Target Achieved @620 as expected & suggested in the update -13:51 Hrs @8th May2017 above.
Comments
Niks99
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Do we have a valid double bottom here at 582 low?
WaveTalks
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@Niks99, It could be double bottom but the peak between two lows@582 is 895 - as per double bottom definition -895 has to be taken out on upside then it is open for height distance 895-582 = 313 points which will be added above 895 for target level1200+ in next upside move. Till that time, it is all speculation.
nalinakshi
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nice review. can you do analysis of union bank for me. I trade in this stock, what i feel now it is time it will start retrace back as it failed to close at 204, which was the previous resistance and there also it didnot stick to that price. I request you to post after seeing weekly and monthly chart. thanks and regards
WaveTalks
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@nalinakshi, During weekdays -it is a challenge for me because of my job. I will try my best or best possible in weekends -I shall have a look & revert back.
inderjeet05
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inderjeet05
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Markets would at worst go back and test wave 1 but should go continue downtrend after that since wave 4 cannot overlap wave 1
AJAYSHARMA
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@inderjeet05, So ur counting within a triangle, . Ur count seems to be correct 4 wave c. Now we have a triangle break down count the C . That will give money on the short side. Count the five waves down. Cool .
inderjeet05
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@AJAYSHARMA, Ya also if you see market was not able to break above the last low which was around end of Dec 2016. Which shows that there is a possibility there is more downside. Look at the long wick on Friday, so a good reason to be bearish.
AJAYSHARMA
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@inderjeet05, Get that 1:1 ratio on the way down A=C. Then u see the Japanese candle stick . They r very dodgy but extremely good at turning points along with wave and RSI. May profits rain on u . But EWP is the
ashokakbari
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@AJAYSHARMA, I think he is going with fibonacci and explain the triangle of WXY of 38.2%.... there is tweezers around 890... after retracement of 575 it may go for 470(it depends after retracement).. @AbhishekHSinghCMT Let me know if i explained right!