HDFC LIFE has constructed 4th wave triangle on the daily timeframe chart. Wave (3) occurred at 820.75, and wave 4 has taken place for more than 28 weeks. The price is trading above the 200 EMA.
If price sustains above 782.25, traders can long for the following targets: 805 – 820 – 848+. The setup is valid until the breakdown of wave E at 735.75.
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Price is still moving inside a falling channel, so the overall trend remains negative. The recent rise looks like a temporary bounce, not a new uptrend. Buying pressure is weak, as price has failed many times near resistance. The yellow zone near wave B is a strong selling area.
Real bullish strength will appear only if the price breaks above wave B and holds there. If the price is rejected from this zone, a fall toward 430 – 420 is still possible. Until a clear breakout happens, buying carries high risk. After completion of wave (z), traders can buy for the following targets: 547 – 578 – 610+. This setup is better for wait-and-watch traders, not aggressive buyers.
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Please assist me with your paid calls. I’m really impressed with your wave charts.
Thank you!
Niranjan Patil,
Nasik, Maharashtra