divijshah19

divijshah19 Updated 

IDFC First Bank has completed one Elliot Wave cycle with an impulse wave 1-2-3-4-5, starting from INR 18.5 and ending at INR 69.25, and a corrective zig-zag wave A-B-C, ending at INR 40.7. This cycle is a formation of a bigger wave, wave 1 & 2 (which is not marked in the chart). If the analysis holds true, wave 3 has started. Trading guidelines: 1) Aggressive...

divijshah19

Impulse Wave 12345 formation shown. Wave 5 yet to be completed. Subwave of wave 5 also drawn. Wave 4 & 5 still pending in the subwave. Wave 4 is expected to retrace to 0.618. Wave 5 is expected to reach 18600 levels. This is calculated basis the idea that the size of wave 5 will be equivalent to wave 1. Hence, a truncation will occur, followed by sharp reversal - ABC.