About meFriends... I'm not a registered trade advisor but I do trade-in equity cash market as well as in F&O. Most ideas I give are those where I do investment or trading. Please analyze and take trades when you are convinced.
Technically, the stock seems to be correcting in Elliot 5 wave pattern.
The 4th wave of correction is moving in a triangle pattern.
This is likely to break down and the fifth wave should move towards 700 levels.
Can Elliot correction waves take Nifty to 16000?
After completion of 5 impulse waves from 7500 to 18600, the correction wave A went to 16400 followed by B to 18200 (may go up to 18600 levels)
A massive C wave fall equal to or greater than the A wave is likely to ensue.
Multiple signals to go short in this script.
1. The share price is near the resistance trendline. You can appreciate it in the daily time frame chart.
2. Elliot impulse waves (5 waves) completed. So, we can expect the correction waves to take action now.
3. RSI divergence can be noted.
I'm expecting a correction of at least 10% this February. Target 1240.
Elliot trades. The impulse waves had started from April 2021, had reached almost the end of wave 5.
I would wait to invest at this time.
140 to 150 should be a good price to invest in ONGC.
Wave 5 again follows the Elliot 5 wave pattern. I'm expecting the share price to correct to at least 160 this February.
The share price seems to follow Elliot 5 waves pattern in the correction.
Wave 4 is in the process and I'm expecting a triangle kind of pattern in wave 4. After completion of wave 4, we can expect wave 5 to drag the share price to 3300 to 3000 levels.
One can wait for the share price to fall to such levels before investing in Mindtree.
After an upward retracement, the stock has been corrected in a 5 wave pattern. The script is currently in its 4th wave which usually takes a triangle pattern.
We can short it for a minimum gain of 100 points gain.