EW analysis of Federal Bank in longer time frame.

EW analysis shows it is in wave in longer time frame. Currently sub wave 5 of sub wave (3) of wave is going on here.

probable target for sub wave 5 comes around 140-150 levels.

long term tgts derived from fib projections are here,

Trade active: fed bank looks quite bullish in daily, BB is expanding and price is riding upper BB.
Trade active: going good, till now 120.25
Comment: price respecting the overhead resistance. ,
Comment: in daily, there is a probability for abcd pattern
Comment: price following abcd pattern , today its up by 3%.
Trade active: follow up chart on ABCD pattern
Comment: breakout with good volume, from horizontal resistance, now retesting the breakout level.
Comment: cmp - 109, currently it is in horizontal channel support, bounce back likely to happen.
Trade active: looks like flat correction is over, and regular bullish divergence formed at horizontal support

hello Sir .. Can you please advise on the below stock . Based on elliotwave analysis can it reach 140 levels ?
@Hulk703, Hello, currently, corrective wave is going on here, it is a complex correction. here we can have multiple alternate counts for corrective wave analysis, but as per me WXY type looks best (flat - zigzag combination), and price currently at horizontal support zone and 38.2% retracement levels,,,
Hulk703 ParamjitMahapatro
@ParamjitMahapatro, Appreciate your help Sir .azmazing elliotwave charts
+1 Reply
@Hulk703, problem with running complex corrective wave is it may get extended to WXYXZ, so we cant pinpoint, when the correction will be complete. But here price is at imp support, so it can give a bounce back, but it may or may not reach the long term overhead resistance of 140.

so my suggestion - you may go long once price reversed from current support zone, with a sl below the horizontal support zone, and keep trailing your sl, Note: 110 is an imp resistance level, so be alert at that level, once 110 level clearly broken then it can go towards 140 levels.
Hulk703 ParamjitMahapatro
@ParamjitMahapatro, Perfect Sir ... ThabknYou so much for your help and guidance
+1 Reply
@Hulk703, welcome
can you give us your wave analysis on nifty weekly charts please if possible to see which major wave we are riding including minor waves in detail,thanks for your effort
ParamjitMahapatro krishnasrinivas7674
@krishnasrinivas7674, Hi I have shared EW analysis of Nifty, Please have a look,
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