It is been observed that the price action broke out of the Descending Triangle on daily chart after a short consolidation highlighted in blue. That breakout made a Lower Lows at 453 levels from previous Lows made at 477, therefore it indicated bearishness. Now, the price action has made a New Lower Low at 448 levels, signaling higher weakness and prices fall...
Finally Today Jet Airways landed @449- vow -completed its 5 wave sequence. Let Jet Airways Take off in a retracement to the leg, which started from 560's highs which was an e - wave of the X-triangle. We shall look for retracement 50%, which comes to 505 & 61.8%, which comes to 518-520 zone.
Larger Picture -A Triangle in Jet Airways-- we are travelling in y-wave...
Yet again this trendline is so beautiful that Jet has paid respect to that line. Last traded at 465 lows -very close to the prior lows likely could be v-wave developing or b-leg in iv-wave once it crosses the trendline stays above or it goes below 453 lows to finish below 453.
Below 484- Likely it should continue down in the zone 479-480 & if it holds in that zone, then push till prior swing high can be expected in the zone 488-490.
Larger trend is down but financial markets never move in straight line.
Key Resistance -503
Post leaking from the Triangle, Jet Airways made a low@453 & retraced deep to current high@503 which is 61.8% ii-iii wave distance. Candle shows rejection in the zone 500-503.
Likely we will continue in the final leg, possibly below 453- which will be confirmed once it starts moving below 486 -which could be a possible hurdle in the...
Strategy:One can go short when price touches the above slant trend line..As RSI value was much differ when price touches 1 trend line it shows Jet is bearish.Also the channel is also bearish.One can set target up to 2 trend line.
Please don't trade as I am in learning stage.Traders can give their expert comments.
Always be careful of the levels mentioned.
It's the final leg (E) which is unfolding as per larger picture & previous update in Jet Airways.
In the short term, there too is a triangle in X-Wave.
Either I will take short when prices come & touch the (a) -(c) trendline in the x - wave triangle which comes in the zone 590-600 Keeping in mind...
Since 2008 Highs @1048 -Jet Airways has been in range of 200 to 1000 -Yaa that range is big enough to trade on daily basis. Bigger Picture tells that it is triangle which is unfolding in JetAirways
I shall look for the zone 240-260 as a golden opportunity in coming years -where the Intermediate Degree (E) -leg completes & as traditional analysis (A)-(C)...
Stock seems to be forming 5 wave impulse in downward direction. Some more downside possibly till previous low looks likely. Volumes at low are still low even in daily charts indicating buying has still not happened. Would look for divergence for confirmation of bottom.
Yesterday, the price action broke out through the downward trending line on hourly chart, where it confirmed the retracement as well. Now today, it is been getting over from the previous break out levels that indicates trend continuation. I believe it shall reach to 61.8 retracement level of the said down ward move.