Kalyan Jewelers Elliot waves predictions for next 3-4 weeks

Jul 17

This is purely hypothetical combining Elliot waves + Fib levels, near 562 impulsive wave might get completed as PE ratio will become very expensive as compare to Titan and hence some profit booking must bring correction in ABC form, the wave must be formed but not necessarily will come the the fib levels drawn.

So in nutshell observing weakness around 562 some profit booking can be done and then buy back around 480-500 can be done seeing reversal.

But if weakness is not observed around 562 then stock can traverse towards next fib levels that is 594/607, in that case the ABC waves to be formed will to be moved to next fib level.


* 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 22

Trade active

Struggling to hold upper levels, breaking LTH once is important to consider impulsive wave is over.

Jul 23

Trade closed: target reached

Bingo : 561.65 was the day high which is marked as wave 5 high and it went down from there..... No confirmation if wave 5 ends there but so far a good profit booking has came from the said level.

Jul 23

Note

The closing has been strong so if fib level 562 is crossed then next fib levels 592 and 609 can be the targets...

Jul 24

Note

It went up to next fib level of 632,

Jul 31

Trade active

** Reopening this call because closed for impulsive wave targets achieved but seems that was inner wave 3 only and now wave 5 is supposed to be formed as well which can first take the stock to 632 (LTH) and then 675 or even 722 can be the final targets. If so then

Possibility #1: Wave 4 is already over with a correction of 74 points (632-558) and we are already in wave 5. There is time cycle theory also applied and as per that around first week of August we should see start of the up move and we already saw a good move today. ]

Possibility#2: The correction wave 4 is still not over, in that case we might be in wave (b) of wave 4 which can extend to the range ~592-610 and if we see weakness then we can see downside targets till (550 or even 520) and then the wave 5 will start.

In either case a swing high between 580 and 630 must be formed say #SwingHighWave1ofwave5 and then a swing low between #SwingHighWave1ofwave5 and 555 need to be formed as per possibility#1 and then an hourly/daily close above #SwingHighWave1ofwave5 will open the said targets.

if swing low comes below 555 then will have to wait to check when correction wave is over.
So need to keep a watch.

* 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 2

Note

As predicted a swing high of 593 was made yesterday and then the price got weak and stock came down and today it went below 555 and made a low of 550.
this means the possibility#2 mentioned took place.
There is no sign if this correction phase is over so will have to wait.

Aug 7

Note

Now the price structure is looking as per waves drawn, after 12345 impulsive the correction phase in the form of ABC is visible. If the correction is over then 515 must not be broken so a long trade can be initiated near 515 and stop loss little below 515. If 515 is broken then correction is not over yet.

Aug 13

Note

It followed the waves drawn in green and then blue for correction, yes the end of impulsive wave was higher and hence the correction wave points were also higher but it formed bottom as per time cycle line drawn.

Aug 22

Note

BINGO : After Correction phase was over in the form of ABC waves the new impulsive wave started and stock is again moving towards LTH. If it closes above LTH then we can see next fib levels 675 and 721 as targets.

Sep 2

Note

Made new LTH of 645, 675 is very close and we can see profit booking around that level till 630 and then it can target 721.

Sep 4

Note

Great ! new Life Time High :658 - 20 more points needed to touch fib level 678 where profit booking might take place.

Sep 11

Note

671 was the day high and new LTH, 4 point short from the fib level. If this number is crossed then target of 721 will be opened.

Sep 22

Note

721 also done on 13th Sep and now target 818 is opened.