Amazon has formed an inverse head & shoulders pattern which has bullish implications but there is a sustainable breakout. Given the good results in past few quarters, fundamentals also support the bullish view. Having said that, recessionary fears are here to stay though it might still be some time before something starts showing up in…
This is the daily chart of Apple and market is about to open in few minutes. Stock seem to be forming bullish wedge and there have been three touchpoints at both top and bottom trendlines of the wedge. It would be interesting to see if the stock still remains in the range and reverses after…
In the daily chart above you can see a bearish flag formation in EURUSD with a large pole. Setup hasn’t materialized yet fully and it’s still trading within the flag though price attempted to break down below the flag. Since we are at the bottom, either the prices could try to go up and touch…
Here is the daily chart of NSE:NIFTY which has started showing some signs of weakness. Firstly, you can see a head and shoulders at the top with neckline in blue. Neckline has been broken down. Head and shoulders (H&S) is a classic reversal pattern which is good at capturing tops and bottoms. This could be…
This is Triveni Engineering (NSE:TRIVENI) quarterly chart. In the chart I have marked the long term impulse wave counts in yellow, and internal fractals in orange (impulses) and red (corrective). It feels really good when you see such clean, textbook wave counts as they reinforce your confidence into Elliott wave theory and it’s practicality. I…
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…