HINDALCO: Possible Fifth wave has begun

HINDALCO DAILY CHART

HINDALCO:  If not already Long.  Go long above HRLY pivot  at 166.5.

or

Buy if price gets in the rage of 145-150  on HRly chart that is about 50% - 62% retrace of five wave move as visible on hrly chart

HINDALCO HOURLY CHART

Target for this up move is minimum 204.

Happy Trading !
SHEKHAR

RELIANCE CAPITAL : Time to Buy

RELCAPITAL

Time has come when one should be ready to buy this stock.  Possible target could be minimum 668.9  that is the high of wave 3. Sometimes wave 5 do get shortened but that is an exception.

RELIANCE CAPITAL HOURLY CHART

Keep a close eye on Hourly chart it will give better guidance for Entry.

Happy Trading!
SHEKHAR


Pl correct: 61.8% of wave 3= 443 approx

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.

NIFTY: Still some steam left before corrections sets in.

NIFTY WEEKLY ELLIOT WAVE CHART

Starting from the lows of 4534 we had wave 1 as a leading diagonal ending at 6229. Wave 2 corrected to 61.8% + levels and thereafter we are enjoying a wave 3 move. (A possibility was suggested as an alternate count last Aug.)

For now W3 has already moved beyond normal i.e. more than 161.8% of wave 1 next possible extension is 176.2% or 200% at 8091 & 8495.

NIFTY 15 MIN CHART

Now look at the internals of wave three starting from 5105 which appears to be nearing completion. W 3 ii retraced merely 38.2% of W 3 i,  the normal end of wave 3 comes at 6181. If we further go down and look into what looks like a wave 3 v, it is forming an Ending Diagonal and we are at W 3 v (4).

In nutshell, keep an eye on 8091 -8161 range we may have a meaningful correction starting from there.

Happy Trading!

SHEKHAR 

NIFTY MONTHLY CHART JAN 2014

NIFTY MONTHLY CHART

Nifty is at a critical juncture at almost previous highs.  Whereas MACD is showing a clear divergence.

LOOK for sell signal   in STS and MACD.  A fall can be anticipated.

If prices closes above the previous high bull run might continue.  As long as Divergence is there up move will be suspect.

Incidentally it also completes a part of C&H pattern as shown in the previous post below. 

Happy Trading !

SHEKHAR

A CUP & HANDLE PATTERN ON NIFTY

NIFTY WEEKLY CHART

Nifty Spot  Weekly Chart

Starting from the Low of 2008  a close look gives a kind of feeling that it is forming a Cup & Handle pattern, it is still in a formative stage and hence only my assumption, which may be proven wrong.  

This is another chart Nifty Spot which shows a better rounded formation (because of sudden plunge) and handle also seems to have been done.   One can have his own independent views.  As a trader we know when to and how to enter a trade.

Here is a small write up from  Investopedia on C&H pattern.

This is a bullish continuation pattern where the upward trend has paused, and traded down, but will continue in an upward direction upon the completion of the pattern. This pattern can range from several months to a year, but its general form remains the same.   The construct of the cup itself is also important: it should be a nicely rounded formation, similar to a semi-circle. The reason is that a cup-and-handle pattern is a signal of consolidation within a trend.

Keep an Eye !

SHEKHAR