I haven’t posted any charts in a while but today I saw this chart and couldn’t stop myself from sharing it since it looks nearly textbook. H&S (head and shoulder) is essentially a reversal pattern where the prevailing trends reverses after formation of it. In this case, WIPRO has been in downtrend since nearly 2…
Elliott waves works best on longer timeframes in my experience. Here you can find almost textbook clean EW counts in NSE:BPCL weekly chart. From the October low around 288 last year, BPCL has risen in clean 5 waves impulse, marked as I, followed by a-b-c retracement in wave II. Now, we seen to be in…
Tempting H&S breakdown and retest with high probability EW down impulse development is seen in NSE:ICICIPRULI. Right shoulder fell in 5 waves which is marked as 1/A (either 1 of 1-2-3-4-5 OR A of A-B-C) down followed by a clean 3 wave ABC rise marked as 2/B. Now we are in 3/C down and seem…
In December, I posted a H&S update in daily chart of NSE:CROMPTON and that worked quite well. I estimated a target below 300 and it’s now trading at 254. Zooming out, a much bigger H&S is visible in weekly chart of CROMPTON as shown in attached chart. It broke down last week with a large…
I have been following CIGNITITEC since it did a clean 5 wave impulse since May 2022 lows. After the impulse, it did a retracement which completed near previous degree 4th wave in November 2022. From that point, it again did a clean 5 wave impulse up, which I think is just the wave 1 or…
Based on the Elliott wave counts of most cryptos, I think we are in a pullback mode which might continue for few weeks before we see a fresh impulse that could drive the cryptos to new all time highs. Meanwhile, MATIC caught my eye as it looks relatively more bullish as it seem to have…
It has been few weeks before I shared an update. Had been busy on both personal and professional fronts so did not get much time. Moreover, charts too have been quite messed up with large moves on either sides. The worst might be behind us as we seem to have completed complex correction (WXYXZ) in…
Friday’s fall of Adani group stocks post Hindenburg report was extraordinary. Adani group stocks have been the favorites of Indian stock traders as they rose in multiple of 100s and even 1000x in just a span of few years. Here is how Adani group stocks looked yesterday (nearly all of them in lower circuit). Twitter…
This post is purely for education purpose to depict one of the most well known chart pattern, head & shoulders (H&S) in action. Weekly chart of Tesla shows a textbook H&S formation which broken down from neckline during end of October this year. As per classic TA (technical analysis), we measure the height of head…
DXY has been slowly completing the downward ABC formation and now showing early signs of reversal from the low made on 14th December at 103.448. Of the ABC formation, last leg C was was an impulse (shown as i-ii-iii-iv-v) and v was an ending diagonal which should have completed the down move. If I am…