YESBANK: Heading South in the Short Term

YESBANK  WEEKLY CHART

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RCOM: An Elliot Wave Analysis

RCOM DAILY CHART

Starting from the low of 46.55 on 30/08/2013 RCOM was in an impulsive move which ended at 164.65 on 17/09/2013 a clear five wave up move can been observed.

17/09/2013 onwards RCOM is in correction mode wave a made a low of 106.75 followed by wave b up move which ended at 157.25 about 80% retrace of wave a.

Wave c down has started from 157.25 which is still continuing. A 61.8% retrace of the previous impulse comes at approx 91 and for now wave c has made a low of 93.05 on 26/09/2014.

Has wave c ended  thus the correction completed ? The next impulsive wave is about to begin ???

Let us look closely into the wave c. Wave c always consist of 5 subwaves, here we can visualise that presently RCOM is in c (iii) (still on). c (iv) and c (v) are still to unfold.

Keeping all the above in mind we can for sure say that there is still some more downside left in the RCOM.

Where can this downfall end ? Some reasonable estimate/guess can be at 74-77 range which happens to be 76.4% retrace of the impulsive move and also 138.2% extension of corrective wave a. Confluence of Fibo ratios is one important region to lookout for.

If it goes deeper than the next lower level could be 64 approx. which happens to be 161.8% of the wave a what is quite normal for wave c to travel.

Once we are able to define the end point of wave c (iii) we will have a better estimation where the wave c could end. So keep a watch on the internals of wave c and catch the next BIG MOVE UP !!!

Happy trading !

SHEKHAR

NB: All Fibo values are approximation on visual basis they are not calculated values.