M&M M&M has formed a Head and shoulder pattern on top and its neckline is forming at 1217. A close below these levels might gave more immediate downside till 1120 levels. Also a break of long term trendline already broken shows some weakness at higher levels.
Happy Trading :)
Disc: Chart posted only for learning purpose.
Mahindraandmahindra
M&M on a HnS Pattern, Confirmation of reversal !!!On 14th I had shared an idea that up side move on M&M is about to complete and we may see some downside move in this scrip.
The scrip tried to move up but failed to hold at higher level and now its formed an HnS and can be entered on breakdown.
#Note - The idea is shared for educational purpose and not a trade recommendation, Please trade after consulting your trade advisor. We don't give any assurance of profit or loss.
Mahindra & Mahindra_long way to go !! THREAD ON MAHINDRA & MAHINDRA
We are on the Weekly TF of Mahindra & Mahindra--
We have done the counting since the origin as per Elliott Wave rules.
Wave(1)of 1 completed@ 417/-
Wave(2)of 1 got completed in form of simple correction@312/-
wave (3) of 1 got completed in the form of normal wave 3 & got completed@ 717/-
Wave(4) of 1 got completed as a complex correction and got terminated @ 561/- approx.
now after the completion of entire cycle @ 994/- entire structure got retraced in form of WAVE 2 (corona low) @212.
Marking for cycle wave -1 & 2 got done in shared chart.
I have also shared the projections for wave (3) in Red & projections for wave 5 in Blue (Fib calculations)
Now, Its time for wave 3 to unfold (enormous wealth creator):
Numbering is shared in another screen shot below :
As per the calculation wave 1(3) has been completed 949 & wave 1(3) got completed @677. Now we are in wave 3(3)...unfolding .....
complete chart