Hi Everyone,This is my first idea I will post more regarding indian stocks and some currency pairs, looking at reliance it looks like in corrective phase after highly impulsive move to up side and making abc correction with b in triangle pattern so we are waiting for completion of pattern by breaking this pattern to downside for our c leg and then rally up for...
BEL has possibly completed it's correction and the current up move can be taken as a 1-2-1-2 count. Any move above the green TL would be bullish. The black TL must hold for a sustained up move.
Apollo Tyres (along with other tyre stocks) seems bullish in the long term as it's broken out of it's corrective downtrend channel. Earlier I'd posted updates only for MRF (links attached), but both Apollo Tyres and CEAT can be bought too with targets above their all time highs (and SL as their June/Jan 2016 low).
AFTER BREAKOUT THE CHANNEL IT FORMED FLAG PATTERN , BUY IT OR WAIT TILL HIT BOTTOM
Waiting to fall from the cliff. Interesting to see how many times it will take support at 1615. If it breaks this support level, 10% downside looks visible. next support is at 500DMA.
MRF has broken out of a high degree downtrend and is consolidating above the UTL (of the entire move down). Any move above the UTL (of the current consolidation) could be a good entry point for holding it till a target to new highs. This is in continuation of the previous post on MRF, in case that was missed (link attached). The fib levels would act as support. So...
Bank nifty has reversed from 1.618FE of wave 1. IF it takes support at the 38% or 50% fib levels (and the trendline), then it could result in a sharp up move to new highs. This should pull Nifty too; just that the wave structure is clearer here. (Support at the 23% fib level for the up move after that is possible too but then an initial entry would be difficult...
M&M is in an up trend and seems to have a completed a Flat correction today. A close above the upper trendline would confirm the start of the new impulse up.
DHP India just seems to be starting a major uptrend. It's possible we're at the wave 2 low and hence a great opportunity to go long. RSI has also taken support at the 40 level. (Confirmation of wave 2 low would be after a close above the UTL.) Ideally, wave 2 shouldn't be broken. A move and close inside the 0-B trendline could be a big spoiler for this count. ...
Wockpharma seems to have broken out of it's channel to the downside. Hence a move towards the LTL is possible. IF there is an upmove (and a reversal) from the channel LTL (as shown by the arrows) then it'd be a great short. In general, up moves could be shorting opportunities. An up move and a closing inside the channel could be a spoiler for this setup.
Mangalum Drugs seems to be ending it's downtrend. A close above the UTL could signal the start of the new impulse. It's likely that this impulse would lead it to new highs.
The wave 2 correction in Mangalam Drugs seems to have become a bit complex. Now it appears to be at a structural support. Also there is 61% Fib support. So it's likely that the up move could start. Any move below wave 1 low would negate this setup.
Axis bank has started it's final wave 5 to new highs. A good buying opportunity (from long term perspective) could arrive IF it comes to retest the upper trendline of the latest correction (as shown by arrows).
Continuing with the previous ideas, Nifty seems to have started it's final move till 8770 before a higher degree correction till around 8350 (exactly level can be obtained once this rise is over).
Airtel seems to be tracing out a flat pattern. A lower breakout should start the final wave 5 of wave C of flat down, following which it should go up.
This could result in a resumption of the uptrend. A closing above the UTL could confirm this. A break below would negate the setup.