Pls refer charts.
On the long-term chart of BPCL the entire consolidation of the last few years is a 4th wave triangle pattern. Triangles themselves involved 5 waves to be marked as A-B-C-D-E, and in this case wave E has still not developed to complete the structure. This leaves open the potential for one last retest of the lower trendline near 277 before wave 5 up can start.
For the ElliottWave-Cycle, kind of behavior appears in two different forms on a market chart: The impulsive move The corrective move. Motive Cycle: The impulsive waves can occur both in an uptrend and a downtrend . Impulse Elliot wave theory summary; It takes the form of 5+3 wave = 8 Wave patterns. It has the three waves 1, 3, 5 moving...
Wave C might be unfolding here. Its tricky so have to wait and wathc
IT LOOKS LIKE BANK OF BARODA HAS COMPLETED ITS FIVE WAVE FROM BOTTOM SO IT CAN BE TERMED AS WAVE (1) OR (A) AND CORRECTION IS OVER IT IS EITHER WAVE 2 OR WAVE B EITHER WAY WHETHER IT IS WAVE A OR WAVE 1 IT IS GOING UP SIDE TARGET UP TO 51
Explained in the chart.
Elliott Wave Cycle is formed up of a total of 8 waves (5+3 waves). Waves 1 to 5 are counted in the Impulsive phase. Waves A to C are counted in the Corrective Phase. 3 Golden Rules of Elliott Wave: 1. Wave 2 cannot overlap wave 1. 2. Wave 4 cannot touch the territory of wave 1. 3. Wave 3 can never be the shortest.
Truncation learning - shortening something That why Elliot used the word failure shorter 5-wave compare to 3rd Wave, forever it does not move beyond or higher the end of the third. We prefer the less connotative term truncation or truncation fifth wave as illustrated in the chart. Reason of Truncating in 5th Wave: In the bull market, weakness in price &...
Crude oil has given a fresh breakout after weeks of consolidation. This breakout could test $ 45, 48 & 51 (INR 3250, 3500 & 3800) provided it does not retrace beyond $41.30 (3070)
It has given a breakout in daily time frame suggesting further upside till weekly resistance at 370 then 390. Negation for this view would be below hourly Kijun at 340. Ichimoku is a Japanese origin study based on a cluster of specific Moving Averages corelating Price and Time of a trend.