raghavendrakumart
Short

Hindalco long term - Potential end of 5 wave on weekly TF

NSE:HINDALCO   HINDALCO INDS
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2
124 2
A BIG rise from 60 odd levels to 200+ in Nifty front line stock coming to an end. After which a multi-week correction should set in.

An ending diagonal in weekly time frame along with a Negative divergence in RSI and MACD indicators.

Strategy is to sell on all rises between 202 to 212 with Stop loss = Weekly close above 222.

Maruti also in a similar pattern.

Comments

well i was holding same for 250 level..
will have to review at 222
Reply
@kacharts,

Alternate is a bullish 2nd of 3rd is consolidating as a bullish running irregular flat and breakout above 222.

Considering the long 13+ month upmove...and a clean 5 wave EW structure..my bias is for a medium term kind of top and then a correction.
Reply
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