At strong resistance point. Horizontal resistance, trend-line resistance and 200 EMA resistance. There will be sideways movement for sometime/some days. Once the correction is over it will move with a bang.
The support area extends up to 30200. If the price breaks this level in the next two days the next support will be around 28500. There is a divergence between price and RSI.
On daily time frame there is a break out of head and shoulder. The target for HnS and the up sloping trend line coincides around 28500.
Second bottom completed at ₹37 level. Will move upwards to complete wave (iv). Though chances of going up to 100 possible, reversal to form wave (v) will happen anytime from 75 onwards. This is just theoretical estimate. May vary according to market conditions.
Yesterday (7-1-2020) opened gap up and gap closed in the end. Today opened gap down but gap closed. Strong divergence in price and RSI. Chances of going up possible. But geopolitical situation is a big concern.
Wave B is formed as a triangle. B retraced to about 38% of A. C just started. Final target for end of C will be around 33800-34000
From here going down a little bit is also possible. But it is at reversal level.
Both the Fibonacci extension levels and Fibonacci projection levels are more or less coinciding. The possible termination levels are as follows.
Around 127% - 33000
Around 138% - 33500
Around 162% - 34600
NMDC braked out of one year consolidation phase.Actually last two days movement is very swift. The same may continue for some more days. But above ₹125.00. If retests the trend line add more. 3 to 6 months target ₹160. After correction of ₹20 to 30 next target ₹180.
It seems that (A) is completed and reversal to (B) commenced. I hope the last impulse leg will be an ABCD pattern. I consider restatement to 3 theoretical levels of 38%,50%,62% and drawn the ABCD pattern in three different colours. The projections are totally theoretical and time definitely differ. Do your own analysis.
Though I predicted earlier 31000 as bottom of wave (IV), had I not missed the ending diagonal of lower degree of wave v (marked as a wedge) of wave (IV) in lower TF, I wold have predicted end of wave (IV) correctly. The power of ending diagonal is evident from the 1000 point movement in a span of 2 days and less than an hour.
Wave (V) will be formed in 3...
The level 31000 seems almost the bottom at present, but wave (IV) is not yet completed. The up move started at today’s fag end may continue upto around 31500-31600 and then will come all the way down towards 31000 but stopping just above it, touching the trend line, to complete the wave (IV). Still BANKNIFTY cannot be predicted that much easily. Might be going...
When I posted a chart on YESBANK on 17-11-19, the price was 68.70.
I said that YESBANK will form triple bottom. Now it has came all the way down to 40 to find the second bottom. CMP - 43.55. The stock price is not yet out of woods. Chances for some 3 rupees up (47) and then 8 to 10 rupees down(36-38). If it goes up from this level or after finding bottom at around...
As I said yesterday, today wave (B) completed. Tomorrow will be a volatile and trending day. Most probably Wave (C) will be completed fully or 70%. When wave (C) completes, wave (5),,C,(B) of higher degrees also will be completed. Once these waves completes, wave(C) of 4 will be commenced. As the ending diagonal has developed as an expanding diagonal the fall will...