BHARTIARTL trade ideas
Bharti Airtel Go LongFairly certain Bharti Airtel is going to breakout. It has been consolidating and it might be a good idea to accumulate for the above levels. Its a solid company with only other actual competition being Jio.
Going full gusto with this, do your own risk management if you are entering this trade.
How to Eliminate elliot corrective patterns through Neo wave I can only come up with this following count,in order to come up with a logical count,i kept on taking more data in order to make some sense with my labeling.
Reason for considering current rise a part of Bow-Tie Diametric Pattern are as follows
Starting point was taken on the basis of faster retracement of prior swing high ,since then price has not shown any sign of an impulse as theres so much of overlapping seen in price along with corrective internal structure in each swing.
As far as corrective pattern is concerned only WXY and Diametric pattern has 7 leg,but if we connect trenline of tops with tops and bottom with bottom in white degree then the pattern takes shape of an bow-tie diametric where higher degree A terminates,movement following is also corrective and not impulsive hence collectively on higher degree(marking done in red)is also forming some kind of corrective pattern.
Till now we have already seen 4 swing and currently we are in 5th swing meaning we can count out Flat and Zigzag leaving us with triangle and diametric and complex wxy/xz.With regards to triangles either they are contracting or expanding in 5 leg's but over here we have seen both the phenomenon occuring by the time we are in 5th leg meaning we can even eliminate triangle pattern leaving us with only 2 pattern either a Diametric or an WXY/XZ complex correction.
From this we can conclude that on going rise will have 7 corrective leg's of which 4 are done and currently 5th is going on,as we have already seen contraction and expansion my primary assumption is of Bow-Tie Diametric even on Red degree and have used rule of equality for finding termination point of 5th,6th and 7th leg.
PS:Correct me if i have missed anything because by now i am already brain dead after analyzing this chart
BHARTI AIRTEL
Target:- 911
Stoploss:- 657
Taking long position because of the resistance line break by the price and close above it. Also profit target is measure based on the price range between the support and resistance level and that distance is paste on the break out level or in the resistance line, and taking the highest point as a profit target. Stoploss is just below the resistance line.
Multi-year breakout in BHARTIAIRTEL.Multi-Year Breakout and also Ascending triangular pattern breakout with huge volume can be seen in monthly timeframe chart which makes the trade's success probability very high, would suggest to go long with the buy on dip till 600 level for the Ultimate Target of level 820 (FIBONACCI IS CONSIDERED WHILE DECIDING THE TARGET), go long with strict stop-loss of 520 (only on closing below basis). the timeframe for this trade/target would be 12-14 weeks.
THIS VIEW OF MINE IS PURELY BASED ON THE TECHNICAL CHART, BEWARE OF NEWS AND OTHER FACTORS WHICH CAN AFFECT THE MARKET SENTIMENT.
📈 Pre-open MTF #PriceAction Analysis by #KRMG (06 Sep)👉 Stock 1- #BHARTIARTL
👉 Sector - NIFTY50
👨🏻🏫 Analysis Timeframes - Hourly and 15 min (Intra)
🎯 Commentary - It has strongly fallen nearly from 675 level as per hourly timeframe which is its ALL TIME HIGH Level and now it is trying to reverse or retrace from it
Yesterday on its way to downtrend it got strong rejections from important Level of 665 and continued the downtrend till day end
It has space till 650 on downside if it sustains below CZ, and may even reach near 645 level if convincingly closed below 655
🎯 Coming to sectoral pattern - #Nifty50 is currently in Good Uptrend and currently trading to its ALL TIME HIGH Level
#KRMGPriceAction
#LearnWithKRMG
ShreeKrishna Means Money , What do you think Friends in 2019 I forecasted Bharati airtel will move to 649 and Many might have forgotten about it
but you know me , I am shreeKrishna it means Money
The winner is always ShreeKrishna ,
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attaching my 2019 Post , click to see how it unfolded