UNDERDOG-29

UNDERDOG-29

seems like CNX AUTO is making triple correction WXYXZ from covid low's. Triple Correction form: wave W =Diametric wave Y =Zigzag wave Z =Flat Current count: Right now as per this labeling we are wave Z(third correction) of which wave A is done and wave has taken a form of diametric correction.With in this wave B diametric we are in wave G meaning wave C is...

UNDERDOG-29

This is an extention of WXY elliot wave pattern.This pattern has seven leg's just like WXY double corrective pattern.Here we see contraction in first 3 leg's high's and low's followed by smaller wave d bith in terms of price and time followed by expansion in last 3 legs. Each leg is internally divided in 3 sub wave giving entire pattern internal structure of...

UNDERDOG-29

Bank nifty is approaching Raising upper channel line on hourly chart.In past it has reversed from this line on 4 occasion bringing back prices to the median line of raising channel. Any in the money long trades should be protected with stop-losses as prices can reverse sharply once we get reversal candle near upper channel line.

UNDERDOG-29

L&T: Have tried labelling from covid low's. *Logic behind labelling price as corrective structure: From covid low's no swing has internal structure of an impulse, every swing is divided in 3 sub-waves meaning rise in L&T was corrective.Also no impulse rules were followed to make an impulse pattern ofhigher degree. *Eliminating corrective pattern: From covid...

UNDERDOG-29

I can only come up with this following count,in order to come up with a logical count,i kept on taking more data in order to make some sense with my labeling. Reason for considering current rise a part of Bow-Tie Diametric Pattern are as follows Starting point was taken on the basis of faster retracement of prior swing high ,since then price has not shown any...

UNDERDOG-29

Reason for starting wave count from the point shown here is,in the past price movement(from covid low's) no prior swing high is retraced faster then the fall from that high took to form. Rules and Reason for impulse count 1)wave 2 should take more time then wave 1 to form,here this rule is followed 2)0-2 trend line should not be touched by wave 1 price...

UNDERDOG-29 Updated 

Current count: Cycle: wave 1 Primary: wave 5 Intermediate: wave 1 price has fallen in the tgt zone of intermediate wave C of 100-123% extention of wave A from wave B top,after that in yesterdays session we saw bullish engulfing candlestick pattern and today we are seeing follow through buying as it has crossed previous two days high. One can take 30% position...

UNDERDOG-29

Current wave count as per my view. Cycle : wave 2 Primary : wave A(In case of zigzag correction) or wave B(In case of Flat correction) Intermediate : wave 4(In case of zigzag correction) or wave A(In case of Flat correction) Primary 5 has taken a form of an ending diagonal with an truncated 5th intermediate wave.This is followed by 2-4 trendline and wave 4 low...

UNDERDOG-29 Updated 

wave count Cycle-1 Primary-5 Intermediate-4 Minor-C Minute-5 Target zone for Minor-c is shown by taking 38.2% & 50% retracement of wave-3 intermediate. If price falls in the target zone and gives reversal candle in the form of Doji,Hammer,Bullish piercing or Bullish Engulfing followed by a close above high of reversal candle then we can assume intermediate wave...

UNDERDOG-29 Updated 

cycle: wave 1 Primary : wave 4 Intermediate : wave C Minor : wave 5 Target zone for Minor 5 @49.55 : 100% extention of intermediate A from B top @47.05 : 61.8% retracement of primary wave 3 @44.35 : 123.6% extention of intermediate A from B top If price goes below 44.50 then it would invalidate this count,as wave 4 cannot enter wave 1 zone. Confirmation...

UNDERDOG-29

2 weeks before we had a doji candle oon the chart followed by a bullish reversal candle which closed above previous 2 candles high and which is followed by another bullish candle this week which is about to break 0-b trendline on the upside.Clearly momentum is building in this stock for a wave 5 tgt of 1640 and 1760,invalidation level is 1400,any 2 successive...

UNDERDOG-29

labelling done using following rules for impulse 1)wave 2 should not retrace wave 1 entirely 2)wave 3 cant be shortest 3)wave 4 cant enter wave 1(except diagonal) for flat with truncated wave c 1)wave b should at least retrace wave a by 80% 2)wave c should at least reach 61.8% extention of wave a. for zigzag with truncated wave c 1)wave b should not retrace...

UNDERDOG-29

current structure: zigzag 5-3-5 current leg:wave c sub wave 5 sub wave 2(this should form an ending diagonal) typical target zone for zigzag wave c is between 100-123.6% extention over here internal structure is supporting zigzag correction pattern but wave b has retraced wave a by 80%, where in a zigzag pattern wave b will not retrace wave a by more...

UNDERDOG-29

Current Count Cycle: wave 3 Primary: wave 4 Intermediate: wave C Minor: wave 5 Minute: wave 5(Expanding Diagonal) Current Structure: Irregular Flat or Elongated Flat Logic for Irregular Flat Primary wave 3,Intermediate wave 4 @ 900 Primary 4, intermediate wave A 138% extention from wave b top @ 900 Primary 4, intermediate wave B 123% retracement @ 906 RSI...

UNDERDOG-29 Updated 

1)scenario Current wave count: cycle-3 primary-1 intermediate-3 minor-1 as per this count current bounce being an intermediate wave 3 bounce,price should go till 420.(standard 1.618% extention of wave 1 from wave 2 low) longs can be initiated @ cmp of 338 with a stop-loss of 314 on closing basis and a tgt of 420. 2)Alternate scenario Intermediate 1 is wave...

UNDERDOG-29 Updated 

nothing much to describe as chart is self explanatory. fresh breakout above 72 in todays trading session.lower level of range @ 65 can be new base for further up move from this price and hence can be a good level for sl on the downside. DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my...

UNDERDOG-29 Updated 

KOTAK BANK HAS COMPLETED REGULAR FLAT ABC CORRECTION. STOCK HAS BOUNCED ON MULTIPLE OCCASSION FROM THE LEVELS OF 1700 INDICATING GOOD SUPPORT LEVEL. HAS HUGE OI @1700 PE ON JULY EXPIRY CONTRACT AGAIN INDICATING STRONG SUPPORT. A BOUNCE IN FORM OF AN CONNECTOR WAVE X OR COMMENCEMENT OF NEW IMPULSE CAN EASILY TAKE PRICE TO 1800-1860. DOWNSIDE RISK IS ONLY 30...

UNDERDOG-29 Updated 

LONG @ CMP OF 1525 WITH CLOSING STOP OF 1470 AND TGT OF 1705. TIME FRAME:1-2 MONTHS. REASONS FOR LONG 1) RSI ABOVE 55 LEVELS 2) PRICE ABOVE 20 SMA 3) POSITIVE CROSS OVER OF 5 & 20 SMA 4) BREAKOUT FROM PREVIOUS HIGH 5) SHORT COVERING IN 1500 & 1520 CALL, SHORT BUILD UP IN 1500 & 1520 PUTS. DISCLAIMER:There is no guarantee of profits or no exceptions from...