Boult2100

HDFC Bank - Correction over?

Long
BSE:HDFCBANK   HDFC BANK LTD
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1
HDFCBank might have completed its correction at 1224 (end of 5th downwave). New uptrend quite possible, may go for double top at 1320 coinciding with Nifty's DT at 8980-9000 & Bank Nifty's 20600. Let's see. Today's closing should be above 1240 (89 DMA) making hammer on daily charts & with upside tomorrow resulting double hammer on weekly charts. Long positions with SL at 1220.
Comment: Bang on target. Bumper profits booked caught the first wave (from 1224 to 1257). Vl buy again at 1240-45. As said earlier, should make hammer on daily, it is making.
Trade active: Bingo! As mentioned yesterday, we will buy on dips at around 1240-45 & today's low is exactly 1240.10. we entered again holding on for the next round of upswing.
Trade active: 50% booked at 1255 (hourly resistance). Europe opened negative.
Trade closed manually: Booked all. Price action is not strong.
Trade active: Bang on! As anticipated yesterday, HDFC Bank making double hammer on weekly charts. Entered again on dips once Mkts stabilised. Now, high probability of gap up opening on Diwali or on Tuesday.
Trade closed manually: No Gap up & strength. Closed at 1265 futures downward trendline.

Comments

nice idea but counting is wrong
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Boult2100 dr_professor_nifty
@dr_professor_nifty, Thanks! I was learning Elliot waves found quite confusing, not my cup of tea now back to charting :-)
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@Boult2100, try you can, first learn basic then complex structure,donot afraid,give time
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