TradingView
ParamjitMahapatro
Aug 5, 2017 11:29 AM

glenmark looks bearish in medium term 

NSE:GLENMARK1W
GLENMARK PHARMNSE

Description

⋅
in weekly, wave C is going on.

in closure look, there are a lot much left of wave C.

wave B retraced 50% of wave A, so wave C should be extended.


Now counting the fractals of wave C shows that, sub wave [iii] going on.


looking at the retracement levels it can plunge below 560 levels. So one should exit in every bounce.


Note: this is for educational purpose.

Trade active

⋅
till now 668.25

Trade active

⋅
till now 632.60, getting beaten quite severely.

Trade active

⋅
till now 610.90

Comment

⋅
updated wave count :

Trade active

⋅
still going down , closed at 601

Comment

⋅
regular bullish divergence in daily at horizontal support. short term bounce is eminent.

Comment

⋅

Comment

⋅
after short term bounce, long term is resumed here, it has broken the horizontal support and moving lower,

Comment

⋅
sorry for posting the wrong chart here,

here is the right one

Comment

⋅
cmp - 515.70,

in weekly, it is in descending channel, downtrend continues....
Elliott WaveBearish Patternsdowntrendwavecount
Comments
VikramGopalAimanda
⋅
Good one bro, even I have the same count for decline, also see drreddy weekly same pattern, end might be near
ParamjitMahapatro
⋅
@VikramGopalAimanda, thanks, I ll check drreddy.
ParamjitMahapatro
⋅
@VikramGopalAimanda, Hello, here I am adding Drreddy, yes it has the similar count for decline, currently it is in sub wave [v] of wave C, and it has good probability to get extended.
VikramGopalAimanda
⋅
@ParamjitMahapatro, i too have same wave count, but not expecting extension, as of now
More