TATA ELXSI LTDLong
TATA ELXSI ANALYSIS- PLAYING W/ DOUBLE BOTTOM
Lets look at the analysis --->
1> EW ANALYSIS :-
Assuming this trend from 1490.9 level in corrective phase, we will assume impulse wave completed at 830.1, after that it slightly got complicated, still we will keep prefer count as B as flat, now we might be in wave c of B.
2> Classical TA :-
a. the downtrend channel has given a breakout
b. formed a minor double bottom (named as double bottom 1) with neckline at 911 (marked with red horizontal line)
c. formed a major double bottom (named as double bottom 2) with neckline at 1002 (marked with violet horizontal line)
d. given a bullish divergence in oscillator(RSI)
e. bearish momentum has weakened and TS is about to make crossover w/ KS in ichimoku cloud
f. scrip got major support at 830/35 range.
3> Putting it all together :-
a. With current momentum and counting internal EW, it should touch the neckline of double bottom 1 at 911, if it breaches 869 without touching 911 levels, then it is something to take a quick look at the analysis again.
b, After breaking neckline decisively, we might see up-move towards 1002, which is neckline of double bottom 2 and height of double bottom 1. It might face some hurdle around 950 levels, that can a point to look for.
c. After breaking neckline decisively of double bottom 2, we might see up-move towards 1150/1195, this level again is height of double bottom 2 and 50% retracement of Fib levels. At the same level, there might be completion of wave c and B.
Overall, we need to keep in check with the swings of the scrip as it has not yet given breakout to any of double bottoms.
Regards,
Sharma Yogesh
1> EW ANALYSIS :-
Assuming this trend from 1490.9 level in corrective phase, we will assume impulse wave completed at 830.1, after that it slightly got complicated, still we will keep prefer count as B as flat, now we might be in wave c of B.
2> Classical TA :-
a. the downtrend channel has given a breakout
b. formed a minor double bottom (named as double bottom 1) with neckline at 911 (marked with red horizontal line)
c. formed a major double bottom (named as double bottom 2) with neckline at 1002 (marked with violet horizontal line)
d. given a bullish divergence in oscillator(RSI)
e. bearish momentum has weakened and TS is about to make crossover w/ KS in ichimoku cloud
f. scrip got major support at 830/35 range.
3> Putting it all together :-
a. With current momentum and counting internal EW, it should touch the neckline of double bottom 1 at 911, if it breaches 869 without touching 911 levels, then it is something to take a quick look at the analysis again.
b, After breaking neckline decisively, we might see up-move towards 1002, which is neckline of double bottom 2 and height of double bottom 1. It might face some hurdle around 950 levels, that can a point to look for.
c. After breaking neckline decisively of double bottom 2, we might see up-move towards 1150/1195, this level again is height of double bottom 2 and 50% retracement of Fib levels. At the same level, there might be completion of wave c and B.
Overall, we need to keep in check with the swings of the scrip as it has not yet given breakout to any of double bottoms.
Regards,
Sharma Yogesh
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