glenmark looks bearish in medium termin weekly, wave C is going on.
in closure look, there are a lot much left of wave C.
wave B retraced 50% of wave A, so wave C should be extended.
Now counting the fractals of wave C shows that, sub wave going on.
looking at the retracement levels it can plunge below 560 levels. So one should exit in every bounce.
Note: this is for educational purpose.
Wavecount
ABAN - New Impulse Wave (Go Long) It is been observed that the price action trending up on daily chart and recently breaks out of downward correction channel on daily chart. Today, Nifty corrected on a big move but the price action in this doesn't change. Bulls are in control and dominance in current scenario. It has completed 8 Waves cycle and now moving onto a new impulse wave. It is a good time to get long in this one.
Target: 268
Stoploss: 220
ZEE Completing Wave 5 - What's Next?As per Elliott Waves, it is been observed that the price action has completed 5 waves by reaching to 585 levels today. Wave 5 was counted as Extension of Extension Wave which made it the largest among rest waves. Now, it is a good time to look for a short opportunity. I believe a double top can be seen in few days which may act as a good opportunity to short.
I'm updating this chart to get opinions from our fellow friends in community in order to develop this opportunity with everyone and for everyone.
Comment your opinion, much appreciated.
Regards,
Neetesh Jain
SBI - Breaks out Previous Resistance, Wave 3 ProgressIt is been observed that ABC Zig Zag correction completed and Wave 1 and Wave 2 structured well that shows higher high. Now I observe that Wave 3 is in progress and it shall go upto 261 and retrace back to Wave 4 and then shall again move higher from 261 levels to make Wave 5. It is wise to buy after retracement or near Wave 4 levels.
As per technical pattern formation, you may also notice a "Head n Shoulder" pattern formation that retrace back to previous resistance level at 256 or Wave 4.