There was a gap down observed on daily chart which is been not filled up for a long time. Now the price action breaks out from a rectangular consolidation and shall reach out to 3280 levels in order to fill up that GAP.
On weekly chart, I observed that the price action is forming a descending triangle, which is a continuation pattern. It is a good time to put this one in our watch list and wait for couple of weeks to see a breakout from this with a high volume .
After few weeks of consolidation in rectangle formation, the price action broke out from the rectangle on Wednesday indicated strong buying pressure and thereon the price action remained and managed to close above 184 resistance level for three continuous day. Buyers look excited and shall move prices up.
As per Elliott Waves , there is completion of Regular...
The price action broke out from triangle and followed up with big green candlesticks indicated strong buying pressure. At current prices, the price action may move down to 406 levels again as profit booking can be seen and from 406 levels new buying pressure will be asserted in price action to move upto 430 levels or to previous resistance.
As per Elliott Wave Theory, Gold chart indicates a completion of a Flat ABC Correction that signals a new wave to upside. This is a good time to invest or take a swing trade position in this before the festive season begins in India where we generally see rise in the Gold 0.73% market. Take positions with stoploss at 87200 Target 1: 90000 then Target 92400.
After a consolidating for a while in a rectangular range, Today the price action breaks above the previous highs or resistance and now expect to make a fresh high close. It indicates strength from buyers side and confirmation of upward move.
The price action is been ranging in a rectangle consolidation where it is forming a Regular Flat Correction pattern that indicates completion of corrective phase and beginning of a new bullish move or trend. A good risk to reward setup.
Keep a Stoploss: 1290
Target 1: 1340
Target 2: 1375
From Jan 2016 till Aug 2016, the price action is in a correction phase. Now it has formed a Bullish AB=CD Pattern which also represents a zig zag pattern as per the Elliott Waves Principles. This indicates a short term bullish trend reversal with targets as below
Target 1 (0.236) - 432
Target 2 (0.382) - 461
Target 3 (0.618) - 610
As per Elliott Waves Principles guidelines, Nifty 1.59% has completed its complex correction where two corrective patterns where formed. First was Flat correction pattern where 3 Waves (ABC) subdivdes into 5-3-5 correction (marked as W) and another is simple zig-zag correction where 3 Waves (ABC) subdivides 5-3-5 (marked as Y). Both were connected by inverted...
Today, it was totally a buyers show as it was in Bajaj Auto (attested below). Buyers actively took the prices up and above from previous resistance level of 5015 and now it shall move further up and reach to 5200 levels before the profit booking takes place. It is a good time to enter with stoploss at 4920.
Today, it was totally a buyers show. Buyers actively took the prices above the previous resistance level of 2940 and now it shall move further up and reach to 3000-3050 levels before the profit booking takes place. It is a good time to enter with stoploss at 2870.
Today, the price action breaks out in a big time by breaking through the resistance trendline. Buyers pressure took the prices 7% up in a day that indicates strength and bullishness. If it breaks through 127 levels which is the next resistance level then we shall see 136 levels in this month series. Momentum is up and high.
Target 1: 127
Target 2. 130
The pinbar candlesticks indicates rejection of prices on high levels and also indicates selling pressure at resistance levels. In the above chart, 1380 -1350 acting as resistance zone where we can see rejection of prices due to high selling pressure. The prices may go down to the previous 52 Week high levels to regain buyers in the momentum and also confirmed it...