IEX has given Breakout from (0) and (B) trendline with good intensity of volume in daily time frame, Wave structure is also suggesting impulse move ahead, Now wave 4 has seen a long consolidation and we may be ready for wave 5, as wave 5 unfolds we may go towards 350 and 380 plus areas, All other indicators like macd, rsi, dmi adx, bollinger band, and stochastic are also suggesting positive trend ahead, One can go long at current levels or in dips (if any) with mentioned stop loss for mentioned targets on chart.
Wave structure could be like this Breakout with good intensity of volume key levels are mentioned on chart along with stop loss and targets Volume decreased in corrective phase MACD in weekly running in positive and now uptick that too above zero line MACD in daily positive crossover and now uptick that too above zero line rsi uptick and above 60 and 70 in daily time frame upper bollinger challenged in daily time frame dmi adx positive ungali setup in daily
Disclaimer I am not sebi registered analyst My studies are for educational purpose only Consult your financial advisor before trading or investing I am not responsible for your profits and losses
Sir, First of all, thanks for this detailed analysis. I have a doubt though. I am very new to Elliot wave analysis. Now that the price have retraced all the way back to the support(235-240) from dec 10 instead of the expected impulse move. Does it mean that abc correction wave predicted is wrong and needs to be redrawn with the new price action in consideration???
RK_Charts
⋅
@lavinsamuel, if low of wave C (234.35) is gone, then only we have to re correct the wave counts, and the recent low of 20th dec is (235.40) so we can say waves are still intact or valid, So no need to correct any drawings. Now its actually an opportunity to go long with stop loss of low of C wave. Happy Tradings :)
lavinsamuel
⋅
@RK_Charts, Alright. i think, i got it now. Thanks so much sir.
I have a doubt though. I am very new to Elliot wave analysis. Now that the price have retraced all the way back to the support(235-240) from dec 10 instead of the expected impulse move. Does it mean that abc correction wave predicted is wrong and needs to be redrawn with the new price action in consideration???