WE HAVE 5 IMPULSIVE WAVE WITH LEADING DIAGONAL STRUCTURE WHICH IS FOLLOWED BY 3 CORRECTIVE WAVE WITH ABC ZIGZAG STRUCTURE AS FOLLOWS:
IMPULSE-5 CORRECTIVE 3
WAVE 1:124-183 WAVE A:223-201
WAVE 2:183-139 WAVE B:201-203(ALTHOUGH TOO SHALLOW)
WAVE 3:139-209 WAVE C:203-186
WAVE 4:209-188
WAVE 5:188-223
IDEALLY LEADING DIAGONAL OCCURS IN WAVE A OF ZIGZAG OR WAVE 1 OF HIGHER DEGREE IMPULSE.HENCE ANOTHER 5 WAVE IMPULSIVE STRUCTURE CAN TAKE PLACE FOR WAVE C(INCASE OF ZIGZAG) OR WAVE 3(INCASE OF WAVE 3) WHICH CAN TAKE PRICES TO 282-309(WAVE C) OR 347(WAVE 3).
NOW ON MONTHLY CHART LAST MONTH PRICE GAVE CLOSING ABOVE WAVE B HIGH OF 203,WHICH IN ITSELF IS BUY SIGNAL.AS OF NOW CMP IS 212-213 AND IN COMING DAYS IF PRICE CLOSES ABOVE 223 ANOTHER BUY SIGNAL WILL BE GENERATED AS WAVE 1/A BREAKOUT WILL OCCUR.
AS PER MY VIEW THIS BOUNCE IS WAVE 3(HOWEVER I AM NOT RULING OUT SCENARIO FOR WAVE C) BECAUSE OF FOLLOWING REASON
1)WAVE 2/B RETRACED ONLY 38.2% OF WAVE 1/A.THIS SHOWS THAT CORRECTION IS NOT DEEP AS IT SHOULD BE INCASE OF AN ZIGZAG WAVE B(61.8% OF WAVE A)
2)IF PRICE MANAGES TO CROSS 224 IN THIS MONTH THEN IT NOT ONLY MEANS THAT CORRECTION IS OVER BUT SUBSEQUENT MOVE IS AN IMPULSIVE 3RD WAVE OF HIGHER DEGREE AS DURING 3RD WAVE HIGH OF WAVE 1 IS TAKEN OUT IN LESSER TIME AS COMPARED TO THE TIME TAKEN BY WAVE 2 CORRECTION.NOW THIS IS YET OT HAPPEN BUT CHANCES OF THIS HAPPENING IS HIGH AS CMP IS 212 AND WAVE 1 HIGH IS 224(ONLY 12RS TO GO)
REASONS FOR GOING LONG IN THIS STOCK.
1)ON MOMENTUM FRONT:PRICE IS TRADING ABOVE 20 SMA ON MONTHLY,WEEKLY AND DAILY CHARTS ALONG WITH RAISING RSI ON ALL TIME FRAME.ON WEEKLY CHART RSI CROSSING 55 LEVEL WHICH IN ITSELF IS A SIGN OF STRENGHT.
2)AS PER DOW THEORY:PRICE IS MAKING HIGHER HIGH AND HIGHER LOW'S ON ALL TIME FRAME(MONTHLY,WEEKLY,DAILY)
3)AS PER ELLIOT WAVE THEORY:WAVE C OR WAVE 3 IN MAKING.
ENTRY,EXIT AND STOPLOSS LEVELS ARE MENTIONED IN CHART.
TRADE WISELY BY FOLLOWING RISK MANAGEMENT RULES.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis
IMPULSE-5 CORRECTIVE 3
WAVE 1:124-183 WAVE A:223-201
WAVE 2:183-139 WAVE B:201-203(ALTHOUGH TOO SHALLOW)
WAVE 3:139-209 WAVE C:203-186
WAVE 4:209-188
WAVE 5:188-223
IDEALLY LEADING DIAGONAL OCCURS IN WAVE A OF ZIGZAG OR WAVE 1 OF HIGHER DEGREE IMPULSE.HENCE ANOTHER 5 WAVE IMPULSIVE STRUCTURE CAN TAKE PLACE FOR WAVE C(INCASE OF ZIGZAG) OR WAVE 3(INCASE OF WAVE 3) WHICH CAN TAKE PRICES TO 282-309(WAVE C) OR 347(WAVE 3).
NOW ON MONTHLY CHART LAST MONTH PRICE GAVE CLOSING ABOVE WAVE B HIGH OF 203,WHICH IN ITSELF IS BUY SIGNAL.AS OF NOW CMP IS 212-213 AND IN COMING DAYS IF PRICE CLOSES ABOVE 223 ANOTHER BUY SIGNAL WILL BE GENERATED AS WAVE 1/A BREAKOUT WILL OCCUR.
AS PER MY VIEW THIS BOUNCE IS WAVE 3(HOWEVER I AM NOT RULING OUT SCENARIO FOR WAVE C) BECAUSE OF FOLLOWING REASON
1)WAVE 2/B RETRACED ONLY 38.2% OF WAVE 1/A.THIS SHOWS THAT CORRECTION IS NOT DEEP AS IT SHOULD BE INCASE OF AN ZIGZAG WAVE B(61.8% OF WAVE A)
2)IF PRICE MANAGES TO CROSS 224 IN THIS MONTH THEN IT NOT ONLY MEANS THAT CORRECTION IS OVER BUT SUBSEQUENT MOVE IS AN IMPULSIVE 3RD WAVE OF HIGHER DEGREE AS DURING 3RD WAVE HIGH OF WAVE 1 IS TAKEN OUT IN LESSER TIME AS COMPARED TO THE TIME TAKEN BY WAVE 2 CORRECTION.NOW THIS IS YET OT HAPPEN BUT CHANCES OF THIS HAPPENING IS HIGH AS CMP IS 212 AND WAVE 1 HIGH IS 224(ONLY 12RS TO GO)
REASONS FOR GOING LONG IN THIS STOCK.
1)ON MOMENTUM FRONT:PRICE IS TRADING ABOVE 20 SMA ON MONTHLY,WEEKLY AND DAILY CHARTS ALONG WITH RAISING RSI ON ALL TIME FRAME.ON WEEKLY CHART RSI CROSSING 55 LEVEL WHICH IN ITSELF IS A SIGN OF STRENGHT.
2)AS PER DOW THEORY:PRICE IS MAKING HIGHER HIGH AND HIGHER LOW'S ON ALL TIME FRAME(MONTHLY,WEEKLY,DAILY)
3)AS PER ELLIOT WAVE THEORY:WAVE C OR WAVE 3 IN MAKING.
ENTRY,EXIT AND STOPLOSS LEVELS ARE MENTIONED IN CHART.
TRADE WISELY BY FOLLOWING RISK MANAGEMENT RULES.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis