this is pattern breakout method trade ,here we can go for sell ,this late post for this script,because it is already broken ,moved to first trgt,then we expect further it ill move down to target ,once it break the support it will move to the next support,this only for educational analysis
As per elliott wave perspective Biocon currently trading in its wave C with internal five wave structure. Fifth wave of "c" is also forming internal five wave and about to form falling wage pattern. Any sign of pullback will give strong short term trading opportunity in this stock and I expect stock may jump towards 560 - 575 which is 38.2% and 50% fibonacci...
Bullish Bat & Bearish Shark pattern on 2H Chart of Biocon. SELL around 558-560, BUY around 520-521.
I starting learning Harmonics some days ago and just observing currently, how the price action works here and thereby trying to refine on my Target(s) & SL levels, which I'll be posting when I get proficient enough to.
BIOCON
4HR TF
It looks like the formation of a FLAG and PENNANT PATTERN.
If and when it breaks out downside it will touch the green targets.
Otherwise resistances are marked in RED.
On the highe TF it was in a downward channel and has broken out downside.
Biocon has broken a crucial support level as indicated in the chart (with daily time frame) with high volumes. The bearish trend is expected to conitnue
BIOCON has seen a triangular breakdown on daily chart below 585 levels on 2nd May & closed at 558 levels
PATTERN is suggesting tgt of 485 with stoploss of 575 levels on closing basis
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BIOCON
![BIOCON: [Positional] Biocon 3BB + Support Resistance Bet](https://s3.tradingview.com/o/o9uni70F_mid.png "[Positional] Biocon 3BB + Support Resistance Bet")
