NEARING END OF WXY CORRECTION.ACCUMALATE
EICHER MOTORS HAS BEEN IN A MOVING IN SIDE-WAYS AND COMPLETED COMPLEX CORRECTION DOUBLE CORRECTION WXY.
TYPICAL TGT OF 1:1 EXTENTION OF WAVE W FROM WAVE X TOP FOR SECOND CORRECTION Y HAS BEEN ACHIEVED IN TODAY'S TRADING SESSION @ 2609.
OVERALL THERE IS A CHANNEL SUPPORT ALONG WITH PREVIOUS BREAKOUT/RASISTANCE TURNED SUPPORT @ 2600-2610 ZONE.
RSI IS OVERSOLD AT THIS MOMENT HENCE SELLING SHOULD BE AVOIDED,ON THE CONTRARY ONE SHOULD START ACCUMALTING THIS STOCK @ 2610-2615 LEVELS AND ADD @ 123% EXTENTION LEVEL IF IT GOES DOWN FROM HERE.
ON THE UPSIDE IT HAS A POTENTIAL TO MOVE UPTO 2700 & 2800 DEPENDING UPON THE NATURE OF BOUNCE MEANING BOUNCE BEING AND SECOND CONNECTOR WAVE X IN THAT CASE TGT WUD BE 2700 AND BOUNCE BEING WAVE 5 IMPULSE IN THAT CASE TGT WUD BE 2800.
FOLLOW RISK MANAGEMENT AND POSITION SIZING RULES AND TRADE ACCORDINGLY.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis
TYPICAL TGT OF 1:1 EXTENTION OF WAVE W FROM WAVE X TOP FOR SECOND CORRECTION Y HAS BEEN ACHIEVED IN TODAY'S TRADING SESSION @ 2609.
OVERALL THERE IS A CHANNEL SUPPORT ALONG WITH PREVIOUS BREAKOUT/RASISTANCE TURNED SUPPORT @ 2600-2610 ZONE.
RSI IS OVERSOLD AT THIS MOMENT HENCE SELLING SHOULD BE AVOIDED,ON THE CONTRARY ONE SHOULD START ACCUMALTING THIS STOCK @ 2610-2615 LEVELS AND ADD @ 123% EXTENTION LEVEL IF IT GOES DOWN FROM HERE.
ON THE UPSIDE IT HAS A POTENTIAL TO MOVE UPTO 2700 & 2800 DEPENDING UPON THE NATURE OF BOUNCE MEANING BOUNCE BEING AND SECOND CONNECTOR WAVE X IN THAT CASE TGT WUD BE 2700 AND BOUNCE BEING WAVE 5 IMPULSE IN THAT CASE TGT WUD BE 2800.
FOLLOW RISK MANAGEMENT AND POSITION SIZING RULES AND TRADE ACCORDINGLY.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.