VEDL is very close to completing a 5 wave structure that started in Feb 2016. We are currently in wave 5 of 5, which should complete very soon. The stock has given almost 5x returns in 1 year, expect the correction to be relatively sharp.
Axis Bank Completed 5 wave decline with an ED around 425 levels. This will be most likely followed by a simple abc correction (a and b of which are already done). Wave c should take us well beyond 500 in very quick time.
This is bit of a contra call since fundamental news points to oil moving higher in near term.
EW count is self explanatory; also note the RSI divergence. Crude is moving in an expanding wedge and has lacked upside momentum despite positive news flows. If the EW count is correct Crude could move to new lows in 2017 .
SL should be breakout from the expanding...
Nifty IT is following the textbook EW pattern. We are at the beginning of a fresh impulse of the last cycle wave 5. This wave should take us to all time highs.
On smaller time frame we have already finished wave 1 of 5; obviously the next impulse (w3) would be much sharper.
Index is susceptible to political news from US,...
I am not putting a EW count, since I am not very confident of counts on BN. However, given the downward momentum in recent weeks, we could break the strong support at 18000 and 200 dma to fall to around 17200 levels. A big reason for this belief is that the EW counts of major banks suggest a fairly sharp fall in coming days (see link to related ideas)
Bank nifty is facing strong resistance at the midline of long term channel.
Also, most private banks are close to completing their long term tops. Read here:https://www.tradingview.com/chart/HDFCBANK/IozqHcfE-HDFC-Bank-Approaching-Long-term-top/
We might see some retracement towards 18900 levels early next week, which should be a good level for...
The impulse that started in early February is nearing completion.
We are already seeing signs of RSI divergence on daily charts.
More importantly, it is also completing 5 wave cycle, as seen on this weekly chart.
Most likely scenario is that we will see a final...