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ULTRACEMCO

Did you sell Ultratech?What and where you could have sold it? In intraday time frame we had a bearish divergence as marked with an arrow. Once it fell from the top 4707 and made a bearish divergence we had chance to sell, but what would be the sl? That would be the high of today. What would be safe entry ? After 1 hour of bearish candle reversal, we could have sold near bounce at 4670 with Sl 4707, now is divergence in intraday tf reliable for such big fall? Yes, if you know price action. Let us see how we predicted this move --> Here we predicted for upmove --> Here we predicted overall rough picture --> Regards, Sharma Yogesh
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by yogi_sharma_elliottician
Ultratech cement longLets have a look at the analysis :- 1> EW Analysis --> Considering the completion of 5 wave impulse move from low 3332.45 on 28th Jan 2019 till top at 4904.95 on 27th May 2019, we are most probably in zigzag correction. Now, currently we might me in 'y' of 'B'. 2> Classical TA --> a. formed bullish harami candlestick on daily tf. b. made 'weak' bullish divergence on RSI on intraday tf, considering 30 min chart. c. the right shoulder is yet to be formed, now why it is yet to be formed? The recent low has not touched the neckline of H&S pattern missing it with approximately 20 Pts; hence right shoulder will be formed at completion of 'y' of 'B' 3> Putting it all together --> Intraday tf it has got support at 4535/40, below that it got support at 4422 range, this levels are the supports to look for. Talking about dips, its not necessary it will move towards support, there is same possibility that it move up. Your strategy can be used to go long at any dip if possible. 4>Conclusion --> a. CMP -> 4550.7 b.Stoploss -> 4489 c.Targets -> 4575/4621/4641 Look on intraday tf for 'weak' bullish divergence --> Previous idea --> Regards, Sharma Yogesh
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by yogi_sharma_elliottician