Free Stock market / Nifty intraday tips, FREE Stock, Commodity & Forex tips

NSE IDFCFirstBank Bullish Cycle Started

Free NSE IDFC First Bank Stock Chart Tips

Free NSE IDFC First Bank Stock Chart Tips

IDFCFirstBank Turning Green – EWT

Preface:
IDFC First bank is ready to march upward. After making the high of 69.30, the Price has started the corrective wave four and took 179 days to complete. The ending point of wave 4 is the starting point of impulsive wave 5.

Wave Formations and Fibonacci relationships:
Wave 1 is a Leading diagonal which has a 3-3-3-3-3 sub-wave structure.

Wave 2 is a combination where wave ‘W‘ is a zigzag & wave ‘Y‘ is a triangle. Fibonacci retracement of wave 2 is 38.2% of wave 1.

Wave 2 is not exceeding the starting point of wave 1.

Wave 3 is an extensive impulse. 3rd wave has 261.8% retracement of wave 1.

Wave 4 is a zigzag correction with a 5-3-5 wave structure.
Sub-wave of wave 4 fulfilled the rule of equality (wave A= wave C).
Wave 4 retraced 78.6% of wave 3.

What will happen next?
Completion of sub-wave C indicates that the corrective wave has ended. Price has started forming sub-waves of wave 5.
Wave (ii) retraced 78.6% of wave (i).
If the IDFC First Bank breaks the high of wave 1, it will confirm the impulsive behavior of wave (iii).

(Note that the ending point of the corrective wave is the starting point of an impulsive wave.)

A trader can expect the following targets: 64-74.64- 86.2+

Target 1: 64
[Clusters: high of wave B,161.8% of wave (iii), 78.6% of reverse Fibonacci retracement of wave 4]

Target 2: 74.64
[Clusters: 2.618% of wave (i) through (iii), 161.8% of wave 1 through 3]

Target 3: 86.23
[Clusters: 78.6% reverse Fibonacci retracement of wave 4]

I have also recommended this stock for a portfolio on Nov 24. Here, 8 Indian Stocks That Can Turn 1 Lakh Into 10 Lakh by 2030

UPDATE: Today I have updated Nifty (Nifty technically short-term bullish, but…). It’s all target done after opening the bell.

Would you like to get our share market updates instantly?
Click the link to join: Free Stock Tips

Do you want to get premium NSE calls?
Click the link to subscribe: Premium NSE Stock Tips

If you have any questions or concerns about the stock market, don’t hesitate to contact me:

Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.

Previous ArticleNext Article
Mr.Dev, has been in the forex and commodity markets since 1997. He’s one of the few non-biased investment advisors to have correctly called the current bull / bear market before it began and to have positioned his clients accordingly. As a result of his accurate forecasts on Indian commodity markets & currency, he is becoming increasingly more renowned. Mr.Dev has been quoted in many of the newspapers. He is a highly recommended technical analyst by many of the local financial newsletters and advisory services. He also is founder of commodity profit sharing service on Moneymunch.

Click here to get premium commodity market tips / forex tips by Mr.Dev.

Subscribe to get daily FREE Commodity tips / Forex currency tips. Send email to Mr.Dev: [email protected] or you may call him on +91 903 386 2706.

8 Comments

  1. I have made the payment for 3 years using icici to icici.
    Thank you for enrolling me in your offer.

  2. Never seen such a detailed and accurate analysis.
    You are a master. looking forward to your upcoming chart.

  3. Undoubtedly, the chart is accurate, and the description helps beginners to plot the correct wave count.

Write a Comment

Comment Policy: We love comments and appreciate the time that readers spend to share ideas and give feedback. However, all comments are manually moderated and those deemed to be spam or solely promotional will be deleted. Your email address will not be published. Required fields are marked *

Send this to a friend