The bhartiartl has made double bottom and it is in support line.
A curve movement has occurred in this stock.
Investor generally invest in this point the risk factors become low.
In future how at every resistance can react in that point it is plotted.
The target is very high because every disciplined investor will look at the best possible higher targets.
The price movement is low.
FIRST Wave: (Leading Diagonal Contracting)
In the first wave, we have detected the Leading Diagonal contracted within two yellow-colored covering lines but the leading diagonal occasionally appear in the first wave position of impulse. I have labeled by using roman numbers.
SECOND Wave: (The 50% Retraced)
Its a corrective wave formed A, B, and C. Its retraced 50% from the first wave and the price didn’t carry to a new low.
THIRD Wave: (Impulsive and Extended)
This wave is strong and broad with the Extension moved. The subdivisions of an extended wave are nearly the same amplitude and duration as required.
FOUR-Wave used Technique : (of Channeling to determine Five Wave)
I’ve used here channeling technique for confirmation of four-Wave completed perfectly. In this case, suppose to the fourth wave ends at a point touching the parallel channel.
FIVE Wave: (Price is currently toward this wave)
I have connected the ends of waves two and four to determine the five-wave causing wave one and three is normal.
NIFTY50: Sell 11986, Stop-loss 12027 and Target 11767
Sold at 11986- covered position 11767 = 219 PROFIT
I have described the complete market cycle of Elliott7653 on the weekly chart of nifty as well as two model structural development which are Motive and corrective. Now that I’ve reviewed all types of waves, I can summarize their labels as showed in the nifty chart.
In NIFTY50 it was suggested to sell from the peak you can see in the chart and from that point nifty has fall nearly 550 point.
Performance Chart
Have you remember NIFTY50 analysis if not -> CLICK HERE TO SEE
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Corrective Wave 2 is slightly higher than 50%.
They key learning here is Wave 3 important retracement levels as 261.8% at 12050 nearby and 11516 at 227.2%.
Impulsive Wave 3 is extended. When Wave3 is equal to 161.8% or more than it, its called as extended wave 3. In this case, you can see Wave 3 is extended. This is really important, because its decide wave 5. Wave 3 between the 261% to 227.2% ended.
Generally, Wave 4 traveled 38.2% to 50% in most of case. More likely expected fall or Wave 4 can be in rage of 11530-10070 before starting 2021.
Breaking down parallel channel will clear sign of corrective wave4.
BANKNIFTY Performance chart:
Have you remember analysis on BANKNIFTY Chart? If Not, –> Click Here to see
I had mentioned that Bank-nifty already started to look for the 4th Wave.
From Support : 32.8% at 23003=23134 & 50% at 22327, The price can travel for the 5th wave which can be above the 3rd wave.
Our First Target has been achieved by BANKNIFTY. Reversal is ready!!!
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Did You Remember TCS analysis? –> Click here to see
I had mentioned that investors will be more active at that particular time and told to buy and go for long. On TCS nearly 168 point bounce has come cheers everyone.