NSE KOTAKBANK , on the 4h timeframe, has just broken out 20 EMA and is taking resistance from 50 EMA. The price is trading below the 100 & 200 EMA. At this glance, it looks like the price has accomplished wave C at 1931, and is preparing for the final wave, an impulse cycle. But the current upward move can be part of the corrective wave 4 of wave C. Wave C = wave A at 1995.9.
Whether it’s Wave 3 or Wave C of the correction, we have a swing opportunity with a strict stop-loss. If price breaks above 2038, traders can long for the following targets: 2040 – 2100 – 2148+. The setup is valid until it breaks the extreme low.
We will update further information for premium members soon.
Get free important share market ideas on stocks & nifty tips chart setups, analysis for the upcoming session, and more by joining the below link: Stock Tips
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.
your take on Finnifty and global events?
I am impressed by your wave counts. Do you offer any courses for learning Elliott waves?