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EURUSDEUR/USD 4-Hour Analysis: Potential Bearish Continuation Chart Overview: This EUR/USD 4-hour chart analysis indicates a potential bearish continuation following a recent break of significant support levels and trend lines. Key Points: 1. Resistance and Support Levels: - Resistance: A strong resistance level is identified around 1.08520, highlighted with a red shaded area, where price has previously reversed. - Support: The 0.61% Fibonacci retracement level around 1.08012 serves as a crucial support level. 2. Trend Analysis: - The pair initially showed an upward trend, but recent price action has broken below a key ascending trend line, indicating a shift to bearish momentum. 3. Fibonacci Retracement: - The 0.61% Fibonacci level (1.08012) is marked as a significant retracement point. This level is often watched by traders for potential reversal or continuation. 4. Price Projection: - The expected price path is a retracement back to the 0.61% Fibonacci level before continuing the downward movement. This is illustrated by the projected zigzag pattern. 5. Risk/Reward Setup: - The analysis includes a potential short trade setup with the green shaded area representing the target zone and the red shaded area indicating the stop-loss zone. This setup suggests a favorable risk/reward ratio. 6. Market Sentiment: - Overall sentiment is bearish, with the price action showing strong downward momentum after breaking the support and trend line. Trading Plan: - Look for shorting opportunities at the resistance zone around 1.08012. - Place stop-losses just above the red shaded area to manage risk. - Target the support zones below the current price action for potential take-profits. This analysis suggests caution and patience for traders, waiting for the price to reach key levels before entering trades. As always, ensure proper risk management and consider external economic factors that may influence price movements.
Short
by harshkjogadia
#Nifty directions and levels for May 21st.Good morning, friends! 🌺🍬 Here are the directions for May 21st: The global market is indicating a bullish sentiment based on the Dow Jones, while our local market sentiment also suggests a bullish trend. It might open with a gap-up start, as suggested by GiftNifty, showing an increase of +60 points. Nifty has a minor consolidation structure after the sharp rally. GiftNifty indicates a positive start, and the structure also suggests the continuation of the rally. However, there is major resistance at the 78% Fibonacci level. so, If the market breaks or consolidates around this level, we can expect the rally to continue further, potentially reaching 22,636 to 22,684. and The 22,684 level is a supply zone, so if the rally is rejected there, we can expect a correction of 23% to 38% in the minor swing. Alternatively, if the market is rejected around the 78% Fibonacci level or if the gap-up doesn’t sustain, it may retrace 38% in the minor swing. Here we have two scenarios: 1 - There has been a solid rally, so according to the structure, it could undergo a retracement of 23% to 38%. After that, if it finds support at either 23% or 38%, the rally is likely to continue. 2 - According to the wave structure, a 5-3 structure is forming, indicating a zigzag variation. If the market breaks the 38% Fibonacci level, it may enter a correction phase. If this happens, you can set your target at 50% and 78%.
NSE:NIFTY
by Manickamtraders
#Bitcoin Elliott Wave Count Analysis ( Ready for $44000 ?)#Bitcoin Elliott Wave Count Analysis Intermediate Degree: ▪️We are observing a potential wave (3) down of a descending impulse on the 1-day chart. ▪️Target: $48,000 - $44,000. Primary Degree: ▪️The 1-day chart suggests wave C down of a zigzag pattern is in progress. ▪️Target: $58,000 - $61,000. Cycle Degree: ▪️At the cycle degree, wave ((ii)) down of an ascending diagonal appears to be forming. ▪️Target: $52,000 - $58,000. Disclaimer: This analysis is based on current market conditions and the Elliott Wave Theory. Always conduct your own research before making trading decisions. Stay tuned for more updates and detailed insights. Please Like/RT & Appreciate
Short
by CryptoPatel
1
Dabur India Ltd. Target 820 Upside 53%Basis wave theory: Its making a diagonal triangle in its cycle V, of which it completed primary corrective wave 4 in the week of 23 oct. 23. Its previous cycle wave III was exaggerated at 4.618x, and cycle wave 5 was expected to end at 1x at about 627, it however exceeded that by narrow margin of little over 5% (peak 658). This overshooting, and non completion of pattern in the month of Sep.21, suggests that movement is not yet complete. In current cycle, primary 2 was a zigzag and 4 is a horizontal triangle, fitting theory. Despite two divergences, primary 3 being less than 1.618 and shape being expanding wedge (not a contracting one), I am convinced on the pattern being a diagonal triangle. Many iterations over the waves, fail to convince on a 5-3-5-3-5 wave structure, and all the factors are skewed towards a 3-3-3-3-3 structure, namely concluding wedge. Moreover, completion of a triangle on 26 Oct. 23, confirms that the final wave 5 has started / yet to start (so far, a satisfactory intermediate triangle completion suggests that final wave has started). Final primary wave 5 targets 683, 727 / 812, while cycle V targets 820, a positive confluence. This final wave 5 should take a 3 wave structure ABC (not 5, while internal structure may be 5-3-5). I recall that in very rare cases a diagonal triangle will fail to touch its upper (or lower in bearish case) boundary , in that case, an upward thrust is expected. Post triangle thrust suggests 683 as the target. Completion of wave 4 is also confirmed by time, i.e. wave 3 primary was completed in about 2 years and current bearish / sideways phase also lasted for about 2 years, suggesting and end of bearish / sideways phase. Moreover, shooting far above the cycle trend channel, by all the 4 primaries, suggests shifting of base (inflation effect?) and higher tops than orthodox (even before onset of our dear friend Mr. Corona Virus) Alternative confirmations / disagreements: + Triangle completion on 26 Oct. also made a double bottom (triple, more lavishly) within its local region. + 482-504 is a local demand zone, to which the stock reacted swiftly, it tapped this zone on 26th oct. and bounced (or bouncing) until it reaches supply zone of 600ish levels + The low of 504.1 which it touched on 26th Oct., was also a reactive level of 50% of the swing + starting from May 2019, (to which it had reacted swiftly twice) + PoC of entire bearish move from Sep 21, lies at about 562, and price dipping below VAL ,suggests it should attempt to touch that region again. + Bollinger band width has gained a positive slope after tapping its lift time bottom (a post triangle thrust generally is swift, so rising volatility is a good sign) + Weekly 200 EMA (523) strong rejection in week of 23rd oct and close above it in next week with a bullish candle + MFI returning from oversold zone + OBV tapped below its support levels, suggesting a reversal may be observed. Accu/Dist on a rising trend. + Seems breakout out of Supertrend Sell boundary, with close above it, though with a small body + 2 closes above weekly R1, strong recovery from monthly and quarterly S2s with bullish harami and 2 closes above quarterly S1 (also weekly P). + Barring one occasion in past, whenever it dipped into quarterly S1, a strong rally followed (over weeks), this time its returning from a prominent bruise i.e. dipping below quarterly S2. Macd still bearish, on monthly TF, while on weekly it shows reduction in deceleration (may be its too early stage of reversal, or correction may elongate if this doesn’t prove to be bullish reversal) Monthly RSI not giving any signal (ideally, an oversold would have been good) Monthly, weekly ATR still sloping negative (positive slope would be good) Weekly still under ichimoku cloud, a penetration is expected as the cloud is narrowed. Still below middle line of Donchian channel (maybe its too early stage of reversal) Still below daily 200 EMA of 551 Seems to be approaching its anchored Vwap of 555 (through which it slid rapidly) Break of structure / change of character is not yet observed, so strictly, opening long is not desirable, but am opening long, as the advance may be rapid and may not give good entry points with theoretical pullbacks Fundamentals: + Large institutional brokers have given target of 600+, no sell or reduce ratings by anyone High TTM PEG ratio, though RoE of circa 20% is good to have. + PE of 54 (historical) seems overvalued, however post 2018, 50ish level seems to be good support + Forward two years earnings on growth side, though not very high (supportive of diagonal triangle theory), last two quarterly over 10% YoY growth in operating profit is comforting, maintaining OPM at 20% levels. +++ Low debt , RoA of 12.5% is still very good (though it has fallen compared to past, quarterly improvements overscore this, atleast for the time being) +++ Crisil AAA / A1+ - Top notch + Recent management interaction on how they are planning to improve their brand valuation, suggests that the company has now started taking falling performance seriously and working over it. So, growth may be expected over long run (though in short run, post diagonal, we would know who stays from old investors and who goes out). Fundamentals not repeated here, institutional brokerages have done good job in their reports F&O / Insiders / Bulk / Shareholding / News / Management: Nov Futures at negative basis PCR of OI very high at 1.05 + No insider selling in about 2 years / no block/bulk for almost a year ++ No promoter disposals in last quarters, stays at ~66% and Zero Pledge + MF increased holdings by >1% ( while FIIs reduced by almost same amount) Conclusion : The Stock seems to be fulfilling the prophecies of a diagonal, and a thrust is suggested in high probability. Timelines are either by Aug.24 or by Jan 25 (one of the two) NB – On fundamental side I am still relying heavily on analysts reports, given they are from proven good platforms, am yet to deep dive myself into it. Disclaimer : The contents herein are my personal views, with an objective of seeking views and comments from traders community at TV. Nothing contained herein should be construed as an advice, offer, inducement or encouragement to buy or sell any shares, security, derivatives linked to the security, debt security or any other security of the company mentioned herein. The readers must make their independent assessment and evaluation of the company and its securities, and should take advice from their financial advisors before entering into making any financial decision, without relying on anything contained hereinabove, or views given as addendum or comments hereafter. The author shall not be responsbile or liable, directly or indirectly, for any loss or damage caused to the reader, or any other person or third party, whether pecuniary or otherwise, whether in present or in future.
NSE:DABURLong
by Gjain75
#Nifty directions and levels of May 6th."Good morning, friends! Here are the directions for May 6th: There have been no changes in the global market; it's maintaining its range, while our local market sentiment also indicates a moderately bearish trend. It might open with a gap-up start, as suggested by GiftNifty, showing an increase of +100. Nifty fell drastically in the previous session, so the correction might continue when it breaks the previous day's low. However, GiftNifty is indicating a gap-up start. So, how can we interpret this sentiment? First, let's look at the structure, which indicates a range market. Often, this kind of fall happens in the range market but doesn't continue. If this fall had occurred in the trading market, we would surely expect a reversal, but it's not a trending market. So, simply put, my expectation is if the gap-up sustains, then the range will likely continue. The first variation suggests (current view) ('B' leg of zigzag variation (three-wave pattern)): if the gap-up sustains, then we can expect minor rejection at the level of 50%. If it happens, we can assume it's an 'A' and 'B' leg.after that if it break the fib level 50% it could continue the pullback, which should be in the 'C' leg, reaching 61 to 78%. Note: One more thing, if the initial market breaks the fib level of 50%, then the 'A' leg might go to 61%, so that's why I mentioned 50 or 61% where it will reject. if it happens then You can complete the 'A' leg there and expect 'B' minor retracement and 'C' pullback. The alternate variation suggests that even if the initial market rejects sharply, we can expect minor consolidation between the opening range to the previous bottom. After that, if it breaks the range either upside or downside, we can follow the direction.
NSE:NIFTY
by Manickamtraders
EID Parry for 40% gainIn the longer time frame, the stock seems to be in Wave 5 that could lead to about 1000+ levels. The present level (620) is part of Wave III that may culminate at around 880 which is also the 1.618 fib level as seen in the chart. This doesn’t mean that the rise will be a straight line. The zigzag move may take some time but even if it takes 6 months or more to reach 880 (40% gain), the return is good. Any fall towards 590 levels should be an opportunity to add. This is not a recommendation to trade. Please do your own due diligence.
NSE:EIDPARRYLong
by DhandhaPaani
COFORGE moving into supply zone short termStock has rallied good in the recent month and started making zigzag zone and at the same time struggled to make a higher high indicating signs of weakness , the rising wedge and a rounding bottom within it supplementing the weakness bias . Momentum indicators signalling diversion and not much market participation ( possible signs of distribution during the zig zag move ) Time cycle is fresh and a breach down here could trigger inversion , keep a watch on this counter for short term weakness at the break of recent support zone (highlighted in amber) Note : Slight thought, it could loiter around for a while or possibly make weak upmove a bit before breaching the support zone
NSE:COFORGEShort
by srinivasbusy
4
UNITED PHOSPOROUS LTD (UPL LTD) (ACCUMULATE)Sector: Chemicals / Industry: Pesticides & Agrochemicals Market Cap: 41936.45/- Cr. / Category: Large Cap Current Price: 558.6/- Target Price: 672, 692/- Stop loss: 528 Ticker: NSE: UPL LTD Recommendation: BUY (Buy at CMP) Date: 10/01/2024 We issue a Buy recommendation on United Phosphorous ltd. Based on a 10 -weeks Target price of 672, 692/- offering a 20% upside potential from its closing price of 558.6/- on 10/01/2024. Our recommendation is primarily driven by Elliott wave theory: Elliott Wave Theory Outlook – United Phosphorous Ltd, Buy @ CMP January 10th, 2024 By Dinesh Naidu UPL is principally engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, speciality chemicals and production and sale of field crops and vegetable seeds. UPL has its presence across 138+ nations and is the 5th largest Agro chemical company and 4th largest seed manufacturing company in the world. UPL has market access to 90% of the world’s food basket and is a global provider of sustainable agriculture products and solutions with annual revenue exceeding 5 billion $. The company offers more than 13,600 products and the company offers seeds, Crop protection, and offers post-harvest solutions, and has its presence across the entire Agriculture Value chain. UPL has launched Triskele and Trishuk, which is India’s first approved three-way foliar herbicide for controlling grasses, broad leaves, and sedges for sugarcane. It has also launched novel fungicide Evolution (in Brazil), providing three-way protection against Asian Soybean Rust, and insecticide Shenzi (Chlorantraniliprole based, in Brazil and Mexico), which are expected to bring key solutions to growers, helping us in consolidating our market position In this technical research report we’re going to take a quick look at the Elliott wave chart of UPL ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Currently the stock is in a Steep corrective structure, which might reverse soon from the current level. The stock is currently trading in wave ((2)) Zigzag pattern that has unfolded as corrective a-b-c-pattern in a daily time frame. The price might reach extreme zone at 672 - 692 level We don’t recommend selling the stock and prefer the long side from the 0.618 & 0.718 % Fib retracement level. As the Minor trend is already bullish in a slower time frame, we expect to see at least 3 last wave bounce from our buying zone. Once price bounce reaches 1.618% Fib against the (wave 3) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 528 level. Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for educational purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions. Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
NSE:UPLLong
by Dino_Naidu
MEDPLUS HEALTH SERVICES LTD (ACCUMULATE)Sector: Healthcare/ Industry: Pharmaceuticals & Drugs Market Cap: 8924.56/- Cr. / Category: Small Cap Current Price: 747.75/- Target Price: 847,947,1057/- Stop loss: 612 Ticker: NSE: Med plus Health Recommendation: BUY (Buy @ Current Price) Date: 11/12/2023 Highlights We issue a Buy recommendation on Med plus Health Services ltd. Based on a 6 -weeks Target price of 847,947,1057/-, offering a 26.7% upside potential from its closing price of 747.75/- on 11/12/2023. Our recommendation is primarily driven by Elliott wave theory: Elliott Wave Theory Outlook –Med plus Health Services ltd, Buy @ Current market price December 11, 2023 By Dinesh Naidu Hello traders. In this technical research report we’re going to take a quick look at the Elliott wave chart of Whirlpool India ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Recently we are in an Impulsive structure in a Daily time frame. The stock has already given us wave ((B)) pull back that has unfolded as Zigzag A-B-C pattern in a daily min’s time frame. The price might reach extreme zone at 947-1057.25, We don’t recommend selling the stock and prefer the long side from the 100 & 123.6% Fib extension levels. As the intermediate trend might turn bearish in a lower time frame, we expect to see at least 3 waves bounce from our buying zone. Once price bounce reaches 100% Fib against the (wave 3) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 612 level. Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for education purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions. Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
NSE:MEDPLUSLong
by Dino_Naidu
2
WHIRLPOOL OF INDIA LTD (ACCUMULATE)Sector: Consumer Durables/ Industry: Domestic Appliances Market Cap: 16,950.08/- Cr. / Category: Mid Cap Current Price: 1340/- Target Price: 1733,2180,2643/- Stop loss: 1217 Ticker: NSE: WHIRLPOOL Recommendation: BUY (Buy @ Current Price) Date: 11/12/2023 Highlights We issue a Buy recommendation on Whirlpool of India ltd. Based on an 8 -weeks Target price of 1733,2180,2643/-,offering a 29.3% upside potential from its closing price of 1340/- on 11/12/2023. Our recommendation is primarily driven by Elliott wave theory: Elliott Wave Theory Outlook –Whirlpool of India ltd, Buy @ Current market price December 11, 2023 By Dinesh Naidu Hello traders. In this technical research report we’re going to take a quick look at the Elliott wave chart of Whirlpool India ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favouring the long side. Recently we are in an Impulsive structure in a Daily time frame. In the further text we are going to explain the Elliott Wave Forecast and trading strategy. The stock has already given us wave ((2)) pull back that has unfolded as Zigzag A-B-C pattern in a 60 mins time frame. The price might reach extreme zone at 1733-2180, We don’t recommend selling the stock and prefer the long side from the 61.8 & 88.6% Fib levels. As the intermediate trend might turn bearish in a lower time frame, we expect to see at least 3 waves bounce from our buying zone. Once price bounce reaches 100% Fib against the (wave 3) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 1217 level. Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for education purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions. Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
NSE:WHIRLPOOLLong
by Dino_Naidu
INDIAN TOBACCO COMPANY, ITC LTD (ACCUMULATE)Sector: Fast Moving Consumer Goods (FMCG)/ Industry: Cigarettes/Tobacco Market Cap: 561,159.09/- Cr. / Category: Large Cap Current Price: 449.8/- Target Price: 483, 499,525/- Stop loss: 425 Ticker: NSE: ITC Recommendation: BUY (Buy @ Current Market Price) Date: 03/12/2023 Highlights We issue a Buy recommendation on ITC ltd. Based on a 3 -weeks target price of 483,499,525/-, offering a 11.3% upside potential from its closing price of 449/- on 01/12/2023. Our recommendation is primarily driven by Elliott wave theory: Elliott Wave Theory Outlook –ITC ltd, Buy @ Current Market Price December 03, 2023 By Dinesh Naidu Hello traders. In this technical research report we’re going to take a quick look at the Elliott wave chart of ITC ltd. As our members know, the stock is showing impulsive bullish sequences that are calling for further strength. Our team recommended members to avoid selling, while keep favoring the long side. Recently we are in an Impulsive structure in a lower time frame. In the further text we are going to explain the Elliott Wave Forecast and trading strategy. The stock has already given us wave ((2)) pull back that has unfolded as a Zigzag pattern in a 4 hours’ time frame. The price might reach extreme zone at 499-525, We don’t recommend selling the stock and prefer the long side from the 61.8 & 100% Fib levels. As the secondary trend might turn bullish in a higher time frame, we expect to see at least 3 waves bounce from our buying zone. Once price bounce reaches 161.8% Fib against the (wave 3) high, we will make long position risk free (put SL at Breakeven) and take partial profits. Invalidation for the long trades is at 425 level. Disclaimer: I am not a SEBI Registered Research Analyst. The information provided here is for education purpose only. I will not be responsible for any of your Profit/Loss with this recommendation. Consult your financial advisor before taking any decisions. Futures, options, stocks, ETFs and over the counter foreign exchange products may involve substantial risk and may not be suitable for all investors. Leverage can work against you as well as for you. You should therefore carefully consider your investment experience as well as financial condition before deciding if trading is suitable for you or not.
NSE:ITCLong
by Dino_Naidu
1