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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.

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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.

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