Attached: Ambuja Cements/ Nifty 50 Daily Chart as of 19th April 2023
A Classic Triangle Setup is visible in the above Ratio Chart
The Breakdown of this Triangle would result in the Ratio Selling Off (AMBUJACEM accelerating its Underperformance vs. Index Nifty 50)
Hence this makes the Stock a Sell Candidate based on Weakness
Well if you also look at the Price...
Bata India (Daily)
Chart Pattern - Head & Shoulders
Wave Count - 4th (seems to be in the C wave of ABC / ABCDE)
Indicators/Oscillators:
MACD of the weekly is downtick
MACD of daily is downtick and NCO too with solid red bars of the histogram
BB about to get challenged on the lower side (BBCD)
RSI is below 40 in oversold zone
Stochastic 14,3,3 is NCO and...
Larsen & Toubro Infotech (LTI) - Daily
Chart Pattern - Head & Shoulders
Current Market Price* - 6613
(*at the closing on the date of posting this chart pattern idea)
Target 1 - 6268
Target 2 - 5666
Price has entered the 4th wave in the daily timeframe as per the Elliott wave count
-DI is above the +DI and the ADX is above 15 in the Directional Movement Index...
Debut Idea for Dollar Index
Shown in oval shape was 1st leg of the triangle which topped out at 103.82 Published on 24th April 2016.
Proposed triangle for wave-4 ( currently we are in final leg- expect rise holding above 89.20) & later "collapse" in wave-5 ( proposed ending diagonal)
24th April 2016 (Click the Idea)
Stock currently in upward channel and may break. Since Wave 4 in parallel channel usually end between wave 1 and 2.
Long on dip towards 250-30 Stop loss is wide 190
Target of Wave 5 350
Further long term targets based on trend lines 430 and 615
Disclaimer: Calculated and plotted values may differ little with actual stock movement. This investment/trade may not...
Reliance seems to be in a 4th Wave Elliotwave triangle. An agressive trader could go long now with a SL below the wave e ( red line) . A conservative trader could wait for the blue line above to be broken ( wave d high) and then enter. Thrusts out of triangles are swift and sharp
