HCLTECH EOD CHART |
A five wave move seems to have ended.
The five waves are in the following
ratio
W2 retraced about 80% of the W1
followed by W3 which went tad higher than 1.618% of W1 and W4
retraced 38.2% of W3. Wave 5 is an extended wave and the possible
targets are 718 > >757 >>781.
Now take a look at internal wave
structure of W5
W (ii) retraced 61.8% of the previous
move and followed by the massive W(iii) which extended close to 400%
the next wave W(iv) retraced merely 23% of W(iii). All these
move gives us possible end point of W (v) as 731 at 261.8% of
W(i) or at 736.5 if taken as per golden ratio.
Woila ! Present move seems to
have met resistance at 736.6 for now.
W 5 is an extended wave hence we should
get a fast retracement, taking the price close to 500 !
Happy Trading !
SHEKHAR