WaveTalks

WaveTalks

Area of rejection for GSPL was 157-170 zone - which suggested that Bearish Butterfly is active- Likely it has turned from 147 lows which was B-Swing High in the pattern Going Below 147 Mark -we shall look for target zone 129-132- where we had C-Point of the pattern.

WaveTalks

Updated 

Even before the results were out for Chennai Petro- I warned that there is a wedge pattern & possibly it looks to top out in a 310-320 zone. The fall exactly from the zone 310-320 as per previous updates - reminds me of Srilankan Bowler -Lasith Malinga- He is quite capable of upsetting best of the best batsmen across the globe- when he bowls those special...

WaveTalks

Since Year 2007 - Bharti Airtel from its high@592 has been falling & tracing a triangle in X- Wave of W-X-Y Pattern. Its a monthly chart- which tell us that Bharti could first bounce in the zone 410-430 to get resistance from year long trendline A-C which can be the biggest hurdle for its current rally. Let the market prove me wrong if it goes above C-wave...

WaveTalks

Updated 

Let the rising trendline be broken & possibly staying or going below 292 shall be an important clue for bears in action.

WaveTalks

Updated 

The Alarm Bell rings if HPCL goes above 1251.50 - Right Shoulder High- In that we no longer can stay bearish or in selling camp. If in coming session, it starts going below neckline again- we will get little confidence that bears are still active in HPCL

WaveTalks

Updated 

Looking for an up move above 135- Let us look for a zone 150-155 first.

WaveTalks

Chennai Petro Close to Top- Going below 292- we should be careful as it could slip sharply downside for initial support in the zone 255-260. Regards, Abhishek H. Singh, CMT

WaveTalks

Updated 

Likely it could become a trap which was visualized in real time trading session on 2nd Sep2016 in my previous update. I warned all my followers that -we shall look for a long position only above 8825. Nifty made session high@8824.10- Good enough to trap bulls. Now, Immediate focus shall be downside with short term resistance@8825. Regards, Abhishek. H. Singh, CMT

WaveTalks

Longer Term Break of Rising Trendline is required for big downside moves. In current scenario, If prices go above 545 then we could look for a small upside move till 551 -in the top of evening star head. In coming session if it goes to 550-552 zone & falls below 537- We shall be bearish again till logical target of Rising Trendline as shown in previous update.

WaveTalks

Updated 

Since the last update, I was expecting a bounce at least till 383-384 where TS will get retraced by 61.8% of the fall from 394.65 to 367.30 But aren't moving up neither down- so it is advisable not to get impatient & take a hurry trade. Trading Strategy- Either look for a bounce in the zone 283-284 or let the swing low@268 get broken for short trades in the...

WaveTalks

As per previous update- "b-d" trendline working like a magic wand- made a high 805 & a fall till recent low@766. It is also suggested that going 814 -we shall into bull camp.

WaveTalks

Its almost 5 months & Dollar Rupee has been moving in the range of 217 pips from lows@66.05 in April2016 to 68.22- High kissed on Brexit Day-24th June2016. There are probably two patterns which could pan out in coming days. Scenario-1: USDINR making higher lows from 66.05 - Next 66.62 - Latest 66.77- which indicates that dollar accumulation is going on & once...

WaveTalks

Updated 

Oil has bottomed in 4th wave@43$ as per my previous post From lows@43$- It looks we have travelled the first tranche, which could finish in the zone 44.65-44.77 where the 5th wave at minor degree shall complete 61.8% of 1-3 wave distance. As a good student of technical analysis- I still use my lessons seriously- one of the lessons I learnt few years back was...

WaveTalks

There is a rarest of rare pattern happening in Oil as well & taken bears with surprise in current session. Likely Oil has put up a low@43$. In the last update, I expected Oil to correct in the c - wave within 4th wave & had a target of 45.50-45.70 when it was trading at 47.30$- Congo, I got that move, but was even surprised by the wave getting extended & even...

WaveTalks

Big Green Candle in the current session is what giving a hope that Gold could peep out of Ending Diagonal.

WaveTalks

Updated 

Likely I would be interested if TS comes again in the zone of 383-385 where the fall from 394.65 to 367 shall be retraced by 61.8%- ideal location for Wave-2. Trading Strategy One can look for longs if TS crosses 375 with day's low stop for target zone 382.50-384 Always book 50% in every profit trade & trail rest to stop at cost. Or Sell can be taken only if...

WaveTalks

Updated 

Bullish Bat Pattern becomes invalid if X-wave@8768 is taken out to the downside. With critical stop below 8768 & confirm at your end for bullish opportunity for targets 8870-8880 (once it crosses 8820) Watch for the bounce in the zone 8765-8775 for 1:6 Risk Reward Ratio. Kindly do some confirmation at your end before taking any positions. Regards, Abhishek H....

WaveTalks

GSFC had a gap between the zone 71-73 as shown by the thumb. Likely, Price could go in the zone 71-73 to fill the gap. Unless, Price closes below Gap -one should not think of selling because gaps could be the dynamic support for the market. If GSFC goes into that zone of 71-73, Traders should watch price action keenly to see the bounce from that zone -once...