Trend continuation happened after undergoing a triangle correction wave. I'm just a beginner trying to learn Elliot waves.
TITAN is trading higher end of the upward channel on daily time frame, support is placed at 1250-1270 level, however strong resistance placed at 1340 and all time high also placed 1388, which is now trading 10% below all time high. As gold prices are falling, we can see a increase in jewellery sales,
SBICARD started making lower high's on daily scale, closing below 800 level will bring more weakness to this stock, next support placed at 720 level as per weekly chart. RSI was tried to reclaim 60 on weekly scale however it faced resistance at 60 and started sloping down. during result week it fell from 900 to 760, last week gains of 8% were evaporated by this...
This stock is making lower highs with same low level on daily chart by forming a Descending triangle, breaking 2000 level will open the downside upto 1800 level. as this Sep-2020 quarter results were weak. it could likely break downside.
Closing below 690-700 on daily basis will pull the stock to 200DMA, which is placed 625. 625-650 act as a potential buy zone.
support level is placed at 250 on hourly chart, buying seen from 255 levels, if it closes above 275 on 15min candle, we can go for buy for an upside upto 300 level.
Ascending Triangle Definition: An ascending triangle is a type of triangle chart pattern that occurs when there is a resistance level and a slope of higher lows . It is defined by two lines: . A horizontal resistance line running through peaks. . An uptrend line drawn through the bottoms. The higher lows indicate more buyers are...
ADANI PORTS - IN RANGE PAST 3 DAYS TRADE OUTSIDE THE RANGE WITH PROPER BREAKOUT WILL VOLUME AND PULLBACK
TATA CHEMICALS - AT STRONG SUPPORT IF HOLDS 310 DEN AGAIN 325/40 POSSIBLE
SBIN SUSTAIN ABV 221 CAN SHOW 232 QUICKLY ABOVE 232 CAN GO STRIAGHT UP TO 250 DOWNSIDE WEAK BELOW 215 FOR UPTO 207 AND 201 LEVELS SIMPLE CHART
I may go back to 420 to 430 according to trend line In few day
We see: 0-1 Impulsive wave 1-2 Triangle correction wave 2-3 Impulsive wave 3-4 Correction 4-5 Ending Diagonal wave And the immediate fall
SUN PHARMA - STRONG SUPPORT AT 490 AREA CAN ENTER AT 405 LEVELS FOR FURTHER UPSIDE
The next frontier for Nifty if it manages to sustain above this parallel channel resistance (12450-500) is near 13500, else a dip down to breakout area of 11900-12100.
Bandhan Bank: Inverted Head and shoulder ; It could touch 392.
It has reversed from a Bearish Harmonic Alt Shark which could see a retracement till 318/310/300. The view would negate above 332. Harmonic Trading Patterns are derived from Fibonacci ratios which create various patterns indicating reversal/retracement of trend in the time frame spotted.