Wolfe Wave
wolf wave pattern in FSL1.) Possible (long) wolf wave pattern in FSL.
2.) Stock is in down trend since July 2021 and continuously making lower high and lower low.
3.) However, the recent price action is depictive of a possible wolf wave formation in FSL.
4.) Since the overall market sentiment is negative currently, long trade should be taken cautiously depending upon the conditions.
5.) major support and resistance levels are highlighted in the chart.
NIFTY OUTLOOKPreviously in NIFTY Outlook (7th Nov 2021) post:
-18098 was the first target, it is achieved on 9th Nov very accurately and market reversed to retest support afterwards.
-17763 was the mentioned support, Nifty was saved by almost 40 Points.
-Today Nifty tried to breach the first target (18098) with a Gap up but was unable to sustain above it.
-The second target remains to be at 18342.
(LINK TO THE PREVIOUS NIFTY Outlook (7th Nov 2021) IS GIVEN BELOW)
Now:
-The chart setup is still the same, only addition is the dashed black line which would act as resistance from now and support once it crosses above it to achieve the second target of 18342. The real bullish scenario would be created only if NIFTY crosses above the black dashed line.
-NIFTY has to close above 18098 and trade above it anyhow to achieve 18342, or else it would be a difficult scenario.
- DOW JONES is definitely in a doubtful situation,hopefully it would be clear soon. So please Stay Cautious. Always trade with proper SL in F&O Segment.
CHART & ANALYSIS – ADARSH DEY
LINK TO THE PREVIOUS NIFTY Outlook :
DEN NETWORKS LTDThis company is fundamentally not so annoying, the financial performance is above industrial median. Currently it seems to be really interesting at this point of time on Weekly TF.There are some key points we need to watch:
1. There was a Bearish Wolfe Wave that started forming in early 2016. And the 5th wave of the same was completed in covid pandemic. After the formation was completed the stock soared up to complete the pattern.
2. The stock completed the expected target and then started coming down from July 2020 Onwards.
3. After the stock started coming down(Wave B) it has finally found a support at 0.786 Level of (5-A) Wave ie.44.65
4. The volume is Alarming since May 2021. Such high volumes were never seen in its entire life-time.This is an indication of Changing hands and a starting of Wave 3 or C
Here it has very good chances of gifting us with an upside reversal for Wave C.The trade setup for it will be a BUY with an SL of 44.50 on Weekly Closing basis.The risk reward ratio at Current Market point seems really good if we look at the expected targets of (65.80 - 78.30).However this a weekly TF chart, Patience is needed to see the targets achieved. And never forget SL,after all markets can be risky at any point of time.
CHART & ANALYSIS BY - ADARSH DEY
POWER GRID LTDPlease strictly avoid any fresh Buying. And this post is specifically for the long term investors. I assume this may soon start a downtrend because on monthly time frame this is not all promising.
It has recently touched the Monthly High TL.
The downside reversal is confirmed by a Bearish Wolfe Wave.
May be in short term it may bounce till 198. But better avoid until and unless no clear breakout is seen. Rest all updates will be given in the update idea section
Chart & Analysis By - ADARSH DEY