I'm sure you might have seen the post on Cipla by our champ AbhishekHSinghCMT , If you haven't please do see .
Following are my observations on CIPLA weekly chart time study :
Please note numbers 16,24, 40 all are multiples of 8 , Significance of 8 (It's a fib number)
1)Rally from may 2014 - 40 Bars
Above rally gave in 24 Bars
After which another leg down in 40 Bars
so 40 Bars up time got corrected in 64 bars time pls note 40x1.61 approx 64 bars
2) Rally from May 2016 - 16 Bars
above rally may give again (my assumption) in 24 Bars i.e next week
After which another leg down again (my assumption) in 16 bars i.e till june 2017 last week or
july 2017 first week
So 16 Bar upmove will get corrected in 40 Bar down move i.e 16x2.61 approx 40 /41 bars time
I have put in Potential reversal zone - PRZ accordingly
Disclaimer : I have heavy biased view about top in next 2 week,followed by correction of 12 -14 weeks , my views can be wrong , Please consult your financial adviser before investing.
Thanks , It all started after reading your cipla analysis :-)
Please note this not the price study but just the time study , So can't say anything about the price ,That's the reason haven't put any target price's in post.
So as per time whatever it shows be alert for reversal at that price point,kindly wait for confirmation bar.
Nopes you are not missing anything , Double top is in place at 618 , But since there is no follow through , its a suspect. It will keep dragging upwards along with nifty.
2 scenarios :
1) Cipla gives a lower high say around 610 and than turns
2) It gives a higher high of 628-630 and than turns.