HCLTECH Elliot Wave Analysis

Jul 13

HCLTECH seems to be in the wave 5 of impulsive phase of Elliot wave. Wave (i) of wave 5 itself is ~240 points so the wave (iii) itself need to cross current LTH of 1698 so the full length of wave 5 can go up to 1880 that is 200% retracement of previous LTH of HLTECH - 1377.

This will be confirmed/supported if Nifty IT index too confirms C&H pattern.

* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade with applying your analysis and at your own risk.

Jul 26

Note

Going nice, good weekly close, making V shape recovery towards LTH,

Jul 31

Trade active

Going well, with solid weekly and monthly closings seems to be following the waves but time to hit the target might not be accurate. One must keep trailing stop loss to safeguard save from market volatility.
For now area around LTH ~1700 seems to be the first target and major resistance, a weekly close above that can confirm the high targets are open.

* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade with applying your analysis and at your own risk.

Aug 7

Note

Seems line we are in inner wave 4/5 of wave 3 drawn in green. If wave (4) is over then we must see stock moving above recent high ~1660, if it does not then wave 4 us not yet completed and might come below 1535 (recent low made)

Aug 26

Note

Patience is the key, it took little longer but now HCLTECH has made new LTH and if it sustain this level i.e. close above 1700 by end of monthly and weekly expiry this week then it must march towards the target of 1880. Index is in support as predicted in other post.

Oct 15

Trade closed: target reached

Bingo: Finally the final target is done as well - 1882 is the day high so far. One can book all or partial profit at this level.

Oct 24

Trade closed: target reached

Bingo ! Final target of 1880 also done