It looks like Maruti is about to start Wave-V of the Elliot Wave (1hr candles)
It is worth trying a long position because the SL can be just a few points below May 30th low 8572... say 8560.
If it dips below that then the Wave structure visualised in the chart is not valid and has to be adjusted.
Even those who trade in futures are risking only about...
Conservative investors could wait for the inside candle to cross 3725. More adventurous investors could straight away go long. I have gone long. The 3 line Break and Renko on the 30 minutes chart are also looking good.
SL below 3630 Immediate Targets around 300+ points from present price to about 40000. Cement is quite volatile so a trailing SL is a sensible...
These are my probability ranges for Nifty price action on 24th May.
I have been working on these range calculations for some time using Fibonacci multipliers.
It is usually very accurate and I use it quite profitably on all trades.
Ambuja has hit the 127.2% extension of the drop from 12th September 2017 - 23rd March 2018
This extension level is quite often a reversal point.
Correction is possible from here onwards - MFI is below 25
SL could be below 194
I could be very wrong... but this is a possibility.
Please note that this analysis only addresses Price and not Time. I don't know when these levels will happen but I do think they will happen. Nifty could drop to about 100000 before rising to 12000+
The fact is that fundamentally our economy is getting into deep trouble with crude rising, the Iran issue (India...
ICICI Bank could be good for short/medium term Long position next week.
I had placed a buy order @ 286 (futures) and am holding the position.
Fibonacci levels in the daily chart suggest that Wave-II is at an end and Wave-III could start sooner than later.
SL & Targets indicated in the chart
30 min Chart:
Money Flow Index in the 30 min chart...
Tata Chemicals may be forming a Head & Shoulders pattern
Additionally the CMP is at a 127.2% extension of the current down wave. This is very commonly observed. It may go down further to 161.8%
Overall I consider this a distinctly long opportunity
Am keeping a close watch on AmbujaCem for a long entry
Daily Chart shows a Doji
Two consecutive green Heijken Aishi candles on 1 hr chart
3 Line Break and Renko showing green bricks on 30 min chart
Traded intraday long twice today -between 216.5 & 218.5 for about 3 points per lot (futures) which was a pretty neat profit with high Risk/Reward ratio