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| 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.
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| 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
A very informative post this is. Traders willing to earn good returns must try to keep themselves well updated with stock market movements. For sample calls of market experts follow epic research .
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