Yadunath

Yadunath

Every marathoner takes rest, recovers and recoups before running next leg and the same goes with markets. In fact, markets are good at following natural laws unlike humans who do not often know to follow natural laws. NIFTY 500 is the overall index comprising the majority of Indian stocks and gives an excellent indication of the state of Indian economy much like...

Yadunath

Nykaa is caught up in a range since last several days and in the last leg of completing a triangle. Once Nykaa touches the lower channel, that will finish the triangle and will be poised for an immediate rise. Post -rise after the triangle, (upon completing fifth wave) beware though as triangles are always followed by a correction.

Yadunath

The decline in NIFTY since Oct 19 peak has been five waves. This is ominous, because a five wave decline is never a complete set of correction but only the first leg of a three leg A-B-C correction. In other words, the first leg of correction that just completed represents Wave A of a three leg correction. Wave B bounce-back or retracement will be followed by...

Yadunath

On Apr 28th, I had posted on these columns to go long on Bata explaining my rationale in detail. Bata is going through a major correction since Mar'20 and has since been on what you call as a bear market rally until Jan'21. Since then, the prices touched a low of INR 1264 in Apr'21 when I posted this recommendation on trading view to go long. The retracement that...

Yadunath

Tata Motors continues to look bearish and should get even more bearish going forward. Tata Motors price action has touched the upper channel and started retreating and appears to have just completed its fifth leg in a triangle. The prices should decline briskly in coming days. I would expect the prices should drop as low to Rs.263 in coming weeks and find a bottom...

Yadunath

Nearly all major stocks in NIFTY & NIFTY JR are going through a Wave (4) correction. It makes me wonder Elliott waves help forecast there's going to be some trigger or an event, which perhaps no other forecast tool is able to. I say this because TCS is going through a correction phase since last week of Jan'21. Most banking stocks terminated wave (3) and commenced...

Yadunath Updated 

A quick recap for those not familiar with Elliott Waves. Index / Stock rises in five waves of major trend (up or down) and correct in three waves in opposite direction (down or up). The power of Elliott waves is that it's a fractal, so this happens at all time frames starting from Month/ week all the way down to hourly and even 5-min chart. The last major low for...

Yadunath

I had previously posted how certain key stocks are tracing a triangle in Elliott fourth wave. The list is unending....All key stocks including Reliance, HDFC, HDFC Bank, ICICI bank, Kotak and Axis are tracing a triangular pattern. Even, BANKNIFTY, NIFTY and NIFTY NEXT 50 are tracing one. Yet, financial media is super dumb and will not talk about any of...

Yadunath

NIFTY is going through a complex correction since mid-Feb. The pattern of correction started innocuously but has become much more complex in the ensuing weeks, tracing a complex triangular pattern and a triangle within a triangle. A triangle has five legs and NIFTY is right now going through the complex final leg of the triangle. This will take NIFTY down to 14000...

Yadunath

Bata (India) Ltd is going through a longer term correction. It's going through wave (4) primary wave correction. Well, the interesting part is that it appears to have completed wave b of wave (b) in an a-b-c correction, which is underway since last Mar'20 (under Elliott wave model). Interestingly, wave b has just traced 0.618 of the wave a and now just starting to...

Yadunath

CNX 100 or NIFTY 100 (NIFTY 50 + NIFTY Next 50) has formed a triple top on weekly scale....This is a major top and signals a major slide in stocks in the days and weeks to come. Sell your stocks unless you're holding them for real long term. This is not a great time to build a portfolio...don't rush to buy yet. Stay away from markets...!!!

Yadunath

IRCTC is poised for its first wave-5 cycle on short to medium term. Since the IPO was done and shared listed only recently, it's tracing a 5-wave on 2-hr chart. The craze for the shares and skyrocketing of prices well defined the characteristics of Wave 3, that got completed some days ago. Its' since been dragging sideways on Wave 4. While I am not predicting...

Yadunath Updated 

ITC is one of the NIFTY 50 shares and has been a traditional bluechip since decades ago. It's one of the very old trading companies that has undergone metamorphosis over the years and become a conglomerate over the years. Every business has to go through an evolution cycle and no escaping that. In Elliott parlance, ITC completed its full five year growth cycle in...