HINUDSTAN UNILIVER LTD (INDIA):

MONTHLY CHART

The charts are self explanatory.
Also on daily chart Wolves Wave  formation is visible (chart not posted).  One can initiate shorts once the  price breaches the upper trend line.  TGT as per WW 440 approx.  and 38% retracement of  W3 (red)  comes closer to 391.

WEEKLY CHART

It is time to keep a close watch on the scrip to initiate shorts.

Weekly charts here shows the internal wave structure of W3 in red colour which starts at 218.

Happy trading !
SHEKHAR

Nifty Bearish View

This is an alternative view for the count which believes that correction to the wave starting from the lows of 2009 to the highs of 2010 has ended at 4534 and we are firmly in the uptrend and next impulsive started from 4534. 

So here is the bearish view. 

Chart 1 is a weekly chart. 

NIFTY WEEKLY CHART

Correction so far from the high of 6341 to 4534  is about 40%  of the previous uptrend which started from 2227.  Remember this is W2 and most of the times it does a retrace closer to 62%.  It almost comes to 3800.   Hence correction is still pending.

Nifty has so far completed  'a'  move and is presently in wave  'b' going up (Starting from the lows of 4534 wave structure so far is 5-3-? (most likely zig zag 5-3-5, Hence b up is on)  once the wave 'c' starts we may see the lower targets

Chart 2 daily chart. 

NIFTY DAILY CHART

Presently b:A 5 wave structure and b:B 3 wave done and b:C is going on, which has to be necessarily a 5 wave structure. Which on equality basis comes to 5812 approx. before any significant down move could unfold.  


Happy Trading ! 

SHEKHAR 

NB: Charts are for NF from GCI, hence values may be at a little variance for true NF values at NSE.

RELIANCE COMMUNICATIONS

After going through the Pankaj's super bullish views on RCom  spent some time on the charts.  Two charts are posted below.  Rcom is still in the bearish mode.  A 5 wave  impulsive down has completed and a correction to that move is going on.

Presently Rcom is in  B c iii  there is still room for more down side,  before the upmove  in wave C begins.  There is still an outside chance that it may not be a B down but  W 2  but I believe otherwise simply because that it has moved too close to the lows of so called W1   yet technically possible that W3 starts from there as Pankaj thinks.  Well  wave B can go below the lows of A as in  irregular corrections.

W 3  or W  C  both offers an opportunity to  mint great money,  so keep an eye.  I will take a ride once I see some sign of reversal,  although I might buy a little expensive.

Happy Trading !

SHEKHAR

LIGHT CRUDE

Light Crude


Happy Trading !

SHEKHAR

DLF

Presently we are witnessing a fast retracement to wave (ii)  of the extended wave 5.

Whether,  it is wave 1 or A  there is a possible buying opportunity close to 191.564  with stop loss below 173.


Happy Trading !

SHEKHAR

COPPER UPDATE

  Copper has acheived almost 50% retracement level  as suggested in the previous posts.  Further move depends upon the key levels marked on the chart.  Dominant view is downwards as sugggested previously.

Happy Trading !

SHEKHAR

COPPER ELLIOT WAVE ANALYSIS

Presently copper is in Wave C.  Wave C has already extended more than 1.618 times of W:A  next target could be  the Fibo extension A*2.618  which is around 2.460. 


Looking closely into the wave C . It has completed W C:3  and presently W C:4 is running which is likley to retrace min of 38.2 and could be a complex wave as W C:2 was simple which  has retraced almost 61.8%. 


 As W C:3 is extended   Golden section suggests  Wave C:5 likely to end at 2.599.

As of now  correction is under way one can keep a close eye on levels between   3.585 to 3.949,  where a very good short possibility exists.


Also please see a Wolve Wave Running in  Wave 4 ( 60 min TF). Suggesting a possible TGT of W C:4  where shorts can be initiated.

Happy Trading !

SHEKHAR