AXIS BANK

AXIS BANK DAILY CHART

In the middle of January Axis Bank made a Low at 367 and from there on until the end of February it remained in a range which with the benefit of hindsight can now be labelled as Wave 1 & Wave 2 where Wave 2 is deep - more than 80% and complex in nature. Wave 3 which traveled up to 545 was an extended wave and was 262% of wave 1 followed by wave 4 which was shallow and simple in nature. As the wave 3 was extended wave 5 was expected to be shorter and it failed to achieve 62% of 0-3 distance in fact it was tad short of 50%. So far everything fits well in the wave theory.

AXIS BANK DAILY CHART

Assuming 5 wave completed at 577 a decent 3 wave decline is expected as in wave 2 / B of higher degree. Also note that this 5 wave move has crossed the reflex point it could be the signal to change of trend and fresh buying can be initiated at the end of 3 wave move down, which can be anticipated at 62% of the whole move or about 162% of wave A as tentatively marked on the chart as of now which gives us the range of 463 – 447 to keep watch on.

Happy Trading !

SHEKHAR

RCOM; UPDATE

RCOM DAILY CHART

If some body is interested in RCOM here is the latest update. 
Refer my earlier post here:  RCOM: An Elliot Wave Analysis

SHEKHAR

NIFTY

It is said that over the period of time 'Mass Psychology' remains the same.  Group of people at  different places behave in the same manner  repeatedly.



Attached is a Chart which I cam across going through my study material  taken  from the web some time back.  The astonishing similarity with the NIFTY movement which we are witnessing these days caught my eyes.


I have cropped the chart to show approximately the stage where NIFTY is presently.  Hope everybody  sees what I am seeing.


Let me know If you agree.

SHEKHAR

NIFTY AS OF NOW

THIS IS FULL CHART FOR EUR/GBP

NOTE:   Also see  NIFTY chart posted by me on Nov. 01, 2014. The security in the chart is  in a different time zone.

NIFTY: WE ARE STILL IN WAVE 3

NIFTY ELLIOT WAVE CHART

I am sticking to my count which I had given some time in Aug 2013 as nothing has changed in the hypothesis. Therefore, following is the continuation of the same argument.

Wave 1 started from the low of 4531.15 on 20/12/2011 which took the shape of a Leading Diagonal and ended at 6229.45 and followed by a simple wave 2 correction which corrected 61.8% and made a low of 5119 on 28/08/2013 which marks the beginning of the wave 3. The move that followed had confirmed that NIFTY is in a typical wave 3 move.

Now let us look into the internals of wave 3.

Wave (i) 5119 - 6343

Wave (ii) 6343 - 5933 Little less than 38.2% correction.

Wave (iii) 5933 - 8180 This wave is extended done more that 161.8% (approx 180% of wave (i) )

Wave (iv) 8180 – 7724 This was again a shallow correction done little less than 23.6%

Since we are still in wave 3, the question arises where will it lead us to ? It is presumed that within wave 3, 4 subwaves have been done and now we are witnessing wave 3 (v) .

The typical target for the end of wave (v) and hence the wave 3 comes at

1. 8893 38.2% of zero to wave 3
2. 8948 wave (i) = wave (v); whenever wave (iii) extends.

If we take into consideration the major waves which began from 4531 wave 3 has already covered more than (of wave 1)

1.618 @ 7866

1.707 @ 8017

The next ratio which coincides with the targets anticipated from the internals of wave 3 happens to be

2.236 times of wave 1 and gives target for NIFTY @ 8916. Although 2.0 of wave 1 comes @ 8515 one can keep an eye on this along with the internals of the sub wave (v).

The Confluence of Ratios suggest that we may  have wave 3 ending somewhere in the region of 8893- 8916 - 8948.

Happy Trading !

SHEKHAR

CROMPTON GREAVES: TIME TO BUY FOR SHORT TERM

CROPMTON GREAVES DAILY CHART is enclosed with Elliot wave marking.  It is easy to deduce the following.

1. W2 is simple and corrected more than 50%
2. W3 is bit larger than 162% of W1
3. W4 is a complex correction with W 4(c) ending
at 38.2% of W3(subwave a equals subwave c)
4. 1st TGT for W5 will be 232. SL 175.75

Also note that on weekly charts price has made a hammer today. One can long above it with SL below the hammer i.e. 175.75

Happy Trading !

SHEKHAR

Crompton Greaves Daily Chart

BANK NIFTY

BANK NIFTY  HOURLY CHART

This is an hourly chart of BNF a clear 5 wave fall has completed. Which implies that the correction in Bank Nifty will be a Zig-Zag move i.e. 5-3-5

Now expect a 3 wave recovery which generaly recover 62% of the down move and sometime can extend upto next higher level therefore look for reversal at 62% or go short at 62% with SL a bit above 80% hourly closing basis.


Hopefully one can catch the C wave down from there.

Happy Trading !
SHEKHAR

BHEL: A BIT OF CONFUSION

BHEL MONTHLY CHART

BHEL DAILY CHART

 OR

BHEL DAILY CHART

This chart now seems to add clarity 

BHEL on Oct 09, 2014

BHEL 180 min CHART