Elliott Waves - Wave 3 defines direction of futureWave 3 should keep on extending if a stock has to be a multibagger . So when a wave sequence starts the corrections on the way up should not be standard in nature .
PCJEWELLER trade ideas
Sometimes you have to leave the crease to hit a six - PCJ BUYBUY PC JEWELLER ABOVE 85
TARGET 97, 110, 136
SL 71.5
A disciplined trader should avoid such scripts on regular basis but kabhi kabhi spinner ke sath bhi crease se bahar ana padta hai. :)
Some points:
1. OBV and PRICE Bullish divergence
2. Healthy candles
3. An upmove followed by a retracement
4. Has started to move up again (Latest candle)
5. Oversold
PCJEWELLER VIEWtrading at support level 66.30-68
bounce back possible from this level to 79/86/94++
if not hold support then 60++ levels can test..
keeep watch...
Perfect fib retractment and now time for some bounce.Pc jeweller is holding on to .382 fib level with .5 passing thru the gap, that's somewhat like ideal text book retracement.
from here if it holds the support at .382 then I expect it to test .5 and .618 fib levels.
stop loss should be comfortably below .382 to avoid any random wick.
do hit like and share your opinion about the expected price action.
Elliot waves Always need to be careful when 5 waves of a midcap/small cap stocks are complete or for any other stock . In good stocks there will always be wave extensions for eg HUL / HDFC Bank etc . and these will be difficult to count . So in brief it u see a stock where u can count 5 waves clearly over lets sat 5-7 years that stock is doomed .
If PCJ making corrective pattern for UP side..If PCJ makes pattern we are expecting, it can give very good move on UP side.
Failed to cross resistancePCJ failed to cross 4/1 resistance at 96.15 today and went down. Next support is 72.95. If it does not hold, last support is at 36.60. Progressive targets 97.15 and 148.60
Has turned bullish If it crosses 96.45 on closing basis then next target will be 145, further target being 264.65, Have support at 73
PCJEWELLER #BUY ABOVE 59.7INTRADAY TRADE (TRADE FOR TOMORROW | NOVEMBER 1, 2018)
BUY PCJEWELLER #BUY ABOVE 59.7
Might have turned aroundI see a possibilty that PCJ might have made a turn around. Although it is still in out and out bearish zone, but some progress has been made. It is evident from today’s closing above 4/1 angle at 43.95. If bullishness continues, progressive targets will be 95.65, 145.40 and 265. Support remains at 34.60
BUY PCJEWELLER #BUY ABOVE 59.7INTRADAY TRADE (TRADE FOR TOMORROW | NOVEMBER 1, 2018)
BUY PCJEWELLER #BUY ABOVE 59.7
Short PCJShort to CMP for target of 87 and then 75, Its forming a bearish trend and indicators show that there might be a big fall for the coming week.
PCJEWELLER: SELL at 64.5 SL 71 TGT 48.6PCJEWELLER: SELL at 64.5 with Stoploss of 71 and Target of 48.6
PCJEWELLER weekly chart study260 and 157 are very important levels. A close above 260 or below 157 on weekly chart is going to determine the direction of further trend.
ENTRY 68-70/stop loss-65/target-79-87-95-105pcj can be a good long if it sustains the current level.fundamentally this is very risky but can give good rewards.
Personal View Only for Educational and study purpose.
