If you understand Elliott waves, the chart labelling is self explanatory. A textbook Elliott wave impulse pattern with missing 5th wave of the 3rd wave. Thanks for reading, will update as price develops further.
Wave 1 is a 5 Wave Impulse Sequence Structure in 6 Month chart, and Wave 2 is a 3 Wave Correction structure. Wave 2 has retraced Wave 1 by 61.80% which suffices by the Elliot Wave Theory Correction rules. Now Wave 3 is on and as per the Elliott Wave Theory and Fibo Extension Levels 161.80% is the minimum Wave 3 achieves, hence projection is Rs. 7793.20.
Heromotoco - Elliott Wave Count Heromotoco - the market violates our bearish view which we posted earlier. Hence this might be an alternate view on Heromotoco. however, its recommended to open short position only if the market breaks above channel and comes back closed inside. Please note that this information is for educational purposes only, and it is crucial...
Heromotoco bounced from the support, and the current structure is of higher highs and higher lows, and sustaining these support levels, the stock could move towards 3350 and 3470 levels in the coming weeks. Trade Type: positional
This analysis is purely on price action and chart patterns. Trade opportunity is for short term swing. But since the sector is expected to be bullish in coming years, it can be used for investment opportunity too. Trade Strategy is explained in image itself. Traders can either wait for the pull back and then enter at around 3573 and below *OR* Risk averse...
Heromoto has recently gave beautiful H&S result and now it seems to have formed another high prob. pattern- Triangle Pattern. We are looking for a breakout in either direction but I am better on downward breakout with Target being the base of the triangle market as the measurement of the arrows