NikhilGhodke

SINTEX- Impulse waves 12345 completed, is it time for ABC waves?

NSE:SINTEX   SINTEX INDUSTRIES
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Please see the related idea attached below, in order to refer where this is coming from.

SINTEX , which has been shot down by bears from 91 levels to 70s, seems to have completed its impulsive wave 1-2-3-4-5.

As mentioned in the related post, we were waiting to see which level will the stock take support at. After taking down first two levels (we should have recognized the bearishness after it leaked from the channel), bulls came in finally at 71 level - which was the 3rd and strongest level among the three levels we were looking at.

It appears as though we are now in the corrective wave A-B-C and may use this opportunity to look for 4-5% gains, if the pattern unfolds as expected and wave C gets underway.

I'll keep the post updated, after looking at further movement of the stock.

Please provide your views/feedback in the comments section.

Nikhil Ghodke
Indian Institute of Management, Indore (IIM-I)
Mob 7719034978
Nikhil, though I am not the expert on EW Theory, but the very calculation of the waves you put up here in the chart is wrong. The zigzag pattern that you put up in the chart itself on first hand is incorrect, as it does not go with the flow of the pattern. Secondly, before you jump to analysis of any stock or index, you still need to clear with the theory's basic rules. Wish you all the best!
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@sgor1980, Thanks for the feedback. Can you post the chart with waves drawn correctly? You mentioned that they are incorrect, but haven't told whats correct. It will help in the understanding of everyone here.
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@sgor1980, If you are referring to the non-inclusion of the one red and three green candles in the pattern,they are internal wave-iii (within the wave 2), as per my count. So they are included in the pattern.
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sgor1980 NikhilGhodke
@NikhilGhodke, internal wave-iii (within the wave 2) ???
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Look at the symmetrical triangle formation from jan-16 onwards.
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NikhilGhodke RichardPinto
@RichardPinto, can you post the chart as an image here and give your views.. it will be easy for everyone to follow
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RichardPinto NikhilGhodke
@NikhilGhodke, you will figure it out mate when you look at the daily and weekly chart from Jan. remember to draw your parallel line to see the target price in the coming months. cheers
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