Reliance Stock Retrace 78% Then Price Show MomentumPRICE CMP 1309
1. ABC Elliot Wave Correction in Stock Looks Like Complete.
2. Price has Engulf the last five candles and has also made breakout.
3. RSI is also above 50 and MACD is also showing a reversal.
4. Because the price has 78% retracement, the Risk Reward is also good.
The above is my personal view on the stock which I have shared for learning and observation purpose. This is not a trading advice in any form.
Abcpattern
DOUBLE BOTTOM ANALYSIS APCOTEXINFD 04-10-2024BUY : 463 TO 400
TARGET : 667 TO 681
Reason For Buying This Script :
In this script it has formed double bottom and it is d called as ABCD pattern in monthly time frame. One neckline barker and close above 562 and the next target up to 667.
Note :
Above given levels are based on monthly & weekly time frame . So be patience it will take some months to achieve the target.
Nifty Analysis: May2023Let’s quickly start this analysis from June 22 lows.
Weekly Chart
There is a clear A-B-C type corrective pattern which tested into previous highs of Oct 2021. I was expecting some support build up near 18000 levels (for the trend to resume on the upside) in Dec 2022 but that did not happen, and the market just drifted lower and lower to previous support area around B.
Currently it is again bouncing hard towards the prior swing high A. From this structure it seems market is in a mood to trap more buyers on the upside before losing strength for new lows below B (continuing a potential H&S). But is that really true? Let’s get down to the daily time frame (left chart) and find out.
Daily Chart
We can see a corrective LH-LL structure which is still intact as per my understanding. I won’t consider Feb 2023 lows as a lower low (because of poor thrust below Jan 2023 lows). This is why the Feb swing high (18135 or so) would remain a LH in the trend channel.
Also visible in the chart is a sharp rally from Mar 2023 lows, an Inverted Head & Shoulder pattern and a break of its neckline above 17800 zone, good omen for the buyers. But remember that lower high is still intact.
Looking at the price behavior of this rally, it is totally agreeable that there is a potential for shift in structure (for uptrend) with a close above 18135 this week.
Now the question is that whether the higher timeframe weakness with an ABC corrective and a potential Head & Shoulder pattern would prevail over the strength on the lower timeframe chart?
The answer is that its difficult to predict with 100% accuracy. But one thing that can be done confidently is to manage your trades properly.
For short-term trading I would say that booking some profit (if bought near the lows) is definitely an option. Reaction from previous resistance areas is a time-tested behavior, so one can always trail and lock profits in case of doubt.
For this trend to continue on the upside, any test of 17800 has to hold. A failure of this level may put this trend in jeopardy. Similar lines can be seen in Oct2021 to June2022 correction.
So the conclusion is to book a little if you want and lock the rest with trail below 17800. Any new buying at this point would remain a question mark.
Thanks for reading.
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Disclaimer: All the views above are personal only and not an investment or trading advice. So you will have to apply your due diligence.
How to trade possible short term setup on IndusInd bank ltd?How To trade ABC pattern formation on 30 Mins chart of IndusInd bank ltd
1. Price has formed ABC pattern on 30 mins chart (clearly marked as points ABC on chart).
2. A-B retracement is approx. 0.50% which is acceptable criteria for A-B retracement.
3. Marked fibonacci levels (0, 0.236 and 0.382) by using fibonacci tools on range B To C.
4. On this ABC setup, Price crossed 0.382 first time on 23rd march 2023 (marked the date on chart as well) and retraced back to 0.236 and 0.382 levels of fibonnaci and hovering around the same levels.
5. IMPORTANT: Wait for price to cross again 0.382 fibonacci levels , which is price as 1027 (also in chart marked as entry level) keeping stop loss of 1010 (which is below 0.236 fibonacci levels) for the target of 1073.65-1086.55 (which is Point B candle low and high price)
6. RSI divergence occurred as well and same has been marked on charts, which is good indication
7. On fundamental grounds: IndusInd Bank Ltd.’s Revenue was higher than average estimate 3 times in past 3 years.
Note for everyone who came across this study:
This is only for educational purpose.
This is not buying or selling recommendations.
I am not SEBI registered.
Please consult your financial advisor before taking any trade.
APLAPOLLO has done flag breakout with high volumeAPLAPOLLO NSE:APLAPOLLO is uptrending stock in tyre manufacturing industry.
Considering consolidation from long period since september 21, stock has made breakout today with high volume.
RSI is also crossing level of 60 which shows bull are aggressive in buying and seller are requiring premium to sell.
looks like Stock has completed A-B-C correction and may start new impluse as per elliot wave principals.
Generally if there is followup then upside 40% is seen in this stock.
Kindly do your own analysis and follow your SL.
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SBI Long TradeSBIN has completed A-B-C Correction and new impluse may start.
There are divergences seen in RSI which indicated seller are losing strengths.
There was also short covering in October futures which is also buy signal as people who were short in SBIN are booking there profits and buyer making new buying position.
Traders are requested to do their own analysis and please put comment.
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ABC Pattern- Optimal Entry TechniquesHi,
This idea is about the very promising ABC pattern and the most optimal ways to enter into this pattern.
✅ABC Pattern
This is considered as a continuation pattern.
There has to be a strong trend up/down in the background.
Wave A: Minor correction against larger trend, usually not more than 5-10%
Wave B: Another attempt to push the price higher but could not break the previous highs
Wave C: breaks the low A but has less momentum than wave A. Weak stops are taken below A
I am presenting four techniques of entering into this pattern, in the anticipation of a continuation of the prevailing trend. The techniques used, however, depend upon the traders' appetite and temperament.
Let's start..
✅Minimum Risk Entry
>The entry point is near the low C
>C should have less momentum than A
>Price barely breaks the low A
>There are wicks at the low of Candles at C
>Stop is placed under the low of C, so less risk more reward potential
✅Confirmed Entry
>Entry is at the break of swing high B
>The price makes a higher-high so structural change is confirmed
>The break often comes with good volumes & strong closing candles
>SL under C is wider than 1 in this case
>This technique is used when, in wave C, there are few weak candle closings below A
✅Trendline Entry
>Entry is at the break of TL
>The break often comes with good volumes & strong closing candles
>SL is wider than 1 but lesser than 2. So less riskier
>This technique is used when, in wave C, there are few weak candle closings below A
✅ABC-W Entry
>A unique entry technique
>The price breaks deeply below B and then retests at W
>At this point it seems that price will continue down but
>The price could not hold down and again breaks out of W, giving us a breakdown failure entry
>You would see a usually sharper continuations as many traders, who entered short positions, would start exiting in a hurry
Stop loss in all the cases is placed under the low of wave C and trailed as per traders' time horizon. These are relatively small corrective patterns so you can expect sharp continuations and take targets measured equal to the strong impulsive move in the background.
I hope it was useful.
Thanks for reading.
@Bravetotrade
INVERTED HEAD AND SHOLDER PATTERN ANALYSIS ON HINDPETRO 17.07.22BUY : 239 TO 211
FIRST TARGET : 330
Reason For Buying This Script :
In this script it is forming inverted head & shoulder patter in monthly time frame . Now the price is in right shoulder. Once the price close above 330 in monthly time frame and the next target 489. It has good potential to go life time high. Try to accumulate in lower levels.
Note :
Above given levels are based on monthly & weekly time frame . So be patience it will take some days to achieve the target.
ALL THE BEST ..
Basics Of Elliot Wave TheoryThe rules of elliot wave theory are strict, any break of the rule may lead into wrong analysis, always keep rules on your mind while labelling the waves. If you're a beginner, write down the rules in a sheet of paper, read it before labelling the waves.
How to improve yourself? Practice!
The more you practice, better the results.
Regards
HDFC Trend Analysis & Trade Setup !TREND ANALYSIS & TRADE SETUP !
UPDATED CHART !
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
Wait for entry setup, if available then Long/short.
Reward is 15-20 % Gain.
NIFTY TRADE PLAN 15 APR 20 ONWARDS: NORTH ON CARDSeems like Nifty will be ruled by bulls in coming days.
Watch the levels as mentioned and let me know if any explanation required.
Views are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
"Always Respect Risk"
Happy Trading
Jai Hind
Dhiraj Singh Bais
Warrior @ Battle field
Follow up trades
IS THIS THE RIGHT TIME FOR YES BANK!!! CAN WE BUY NOW!!! 27 MAR 20 ONWARDS
Dear all as per your queries I am updating my view
As mentioned in my previous view on Yes Bank on 22 Mar 20 the support zone 1 – 36.55-38.90 was easily violated and as we can see that the stock is heading south were the support zone 2- 18.05-22.60 is, if Yes Bank holds one can accumulate
And keep pyramiding towards 61.90-67.45-79.60
Views are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
"Always Respect Risk"
Happy Trading
Jai Hind
Dhiraj Singh Bais
FOLLOWUP VIEW
Cipla - ABC Correction Completed - Buying Opportunity!Cipla has potentially completed its ABC correction on long term charts and is not set to go higher from here... The correction completed with the channel and Wave A = Wave C and almost at 61.8% Fib levels giving every indication of a reversal from those zones.
One can go long in this stock now with the stoploss just below recent lows around 385 for Targets of 600 and higher.