Keep the red line as SL and go long but if it breaks the red line and gives closing for even a single day then go short with a target towards the lower blue line. For long look for a target towards the upper blue line and then towards 200 day MA.
Elliot Rules and guideline
1)Wave 2 should not retrace entire wave 1(Here on cycle degree it retraced wave 1 by 61.8% which is ideal as per guideline)
2)Any one wave entend's other 2 by 161.8%,other 2 being equal in length(As per guidelineTypically wave 3 extend's and 1 & 5 tends towards equality).Here also Wave 3 extend's wave 1 by 161.8% and wave 1 and 5 tends...
Axis bank has completed its (1) to (5) wave in daily and we are in weekly 3rd wave...
A correction up to 626-510 is expected till march to may 2022.
Then we can see the further higher levels.
3rd wave targets are much higher around 1500 to 1600 level may be seen if fundamental remain intact.
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Axis bank heading towards the weekly demand zone.
Zone has breaks the previous supply, with Crossover
Target - 2:1
This is for education purpose only, Trade as per your own risk
AXIS BANK: Looking at it through curved trendline, It seems to be at a crucial support an has the chances of rebounding for nearly around 4 -5% of return. Another confirmation would be 0.786 Retracement level of the previous trend. And after so huge fall expectation of a dead cat bounce is not at all superficial. The dual confirmation of curve Trendline and...
Axis bank has fallen 12% even after good result .The stock can make up move provided if bank nifty is positive. Here is my analysis
1)Double bottom pattern .
2)Lower low level not taken out & consolidation is from few days.
3)Good risk reward ratio
4)Trend might change if Lower High is taken out of fib level of 0.236.
5)Analysis is of 20 to 30 points and for 2 to...
STOCK MARKET MYTHS -
There are many misconceptions people have about how stock market works and how it actually works. In this series we burst these myths or clear misconceptions so people can make wiser decisions in trading/investing.
Myth Number 1- A stock will go up after good result.
Reality - A stock may fall big even after very good results. Taking...
Axis Bank Analysis -
1. Major Support =1st - 700, 2nd - 630.
Major Resistance - 800.
2. Past Trend - Was in Uptrend and broke major resistance 800, failed to sustain above it.
3. Current momentum - In down, even after such a big fall from 867 to 714 the bounce was very weak from 714, failed to test even 50% to 800.
4. Overall market - Correction is going...
breakout from all time high is close
looking at the rally in peers we can assume axisbank can also push through its all time high
if so we can get to see a good rally.
