Post covid IDFC FIRST has been moving up in an impulsive manner.Impulsive move advance's price in 5 waves of which 1,3 and 5 are in the direction of primary trend and 2 and 4 are counter trending.
Elliot wave Patterns discussed in this chart and it's rules.
*Elliot wave impulse pattern and rules:
#Impulse pattern
1)Wave 2 doesnt retrace wave 1...
Have patience for idfc first bank.A good support at 44-45 area is where you have to go long for a target of 49 and 52.IT will be achieved by next 8 week.Time line for a 8week target is 52.
A simple Symmetrical Triangle pattern on weekly timeframe a breakout will give excellent breakout , got a good result on last quarter , if the result of this quarter come good it will be a fantastic explosive breakout.
IDFC Bank broke and retested the channel pattern. It might be risky trade but with good R:R.
CMP :- 50.55
SL :- 46
Target 69++
R:R :- 1:4
P.S. :- Also a good stock for long term, can give good returns in the coming future.
Preface:
IDFC First bank is ready to march upward. After making the high of 69.30, the Price has started the corrective wave four and took 179 days to complete. The ending point of wave 4 is the starting point of impulsive wave 5.
Wave Formations And Fibonacci Relationships:
Wave 1 is a Leading diagonal which has a 3-3-3-3-3 sub-wave structure.
Wave 2 is a...
I hope you can now see how IDFCFIRSTB represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed that...
![IDFCFIRSTB: Idfcfirst bank [add long postional stoploss 44]](https://s3.tradingview.com/m/mEb5OXdl_mid.png "Idfcfirst bank [add long postional stoploss 44]")
