ICICI has formed a 1-2-3-4-5 impulse wave from May'20 lows. Note that Wave 2 was 61.8% retracement of wave 1 & wave 4 was 38.2% retracement of wave 3! Also, Wave 3 is way beyond 161.8% of wave 1. Also, while wave 3 broke past the pre-pandemic level, wave 4 quickly tested and bounced back from that level (550). This is a highly bullish sign.
Target for wave 5 =...
From Mar'20 lows, SONY has formed a nice 1-2-3-4 wave pattern. Wave 5 target is (Wave 4 low)+ Wave 1/Wave 3. The first calculation takes to 123 which is just above Wave 3 high. So, Wave 4 low+ Wave 3 is more likely. Conservative target of 137
The stock did a 1-2-3-4-5 impulse wave from the Mar'20 low & did a prompt A-B-C correction to the 38.2% retracement of the bigger wave. ST, the stock will fill the gap and hit the 53.6 levels. Longer term, it will correct slightly from there and test the ATH
(Remmeber, last time it filled the 55-60 gap precisely & corrected from there)
From the bottom of Mar'20 of 80$, BIDU saw a massive Wave 1 (subdivided into 5 waves). Note that Wave 3 was an exact 261.8% extension of wave 1 & wave 5 was almost a 161.8% extension of Wave 3. Then, a huge A-B-C correction, almost accurately to the 78.6% retracement of the bigger wave 1 (not coincidentally, the pre-pandemic level too!)
For the first time since...
Since 2008, SBI has been trading in a slow moving channel of 3% (less than inflation!). For the first time since 2012, the stock has convincingly broken out of that channel. It took >6 months to breakout, retest & finally convincingly breakout of the channel. As SBI has never been in this region before, it is hard to guess what will happen now. Wave theory to the...
XPEV is doing perfect technical movements since the bounce from 22$ support. Today's movement above EMAs was critical but it fell just short of the descending trendline (can take profits here). It will correct slightly & then hit the 48$ target. From there, minimum target would be the 161.8% extension at 64$
Note: Not an investment advice. I have a long...
Gujgas did a massive wave 3, beyond the 161.8% of wave 1 & then did a deep wave 4 correction. Then, it bounced perfectly off triple support - 200d ema, Wave 3 high & 78.6% retracement. Now, the *minimum target* is length of wave 1 placed at wave 4 low, i.e. 800
Looks like a real good buy here, wait for a reaction. Volumes have been down in this correction.
Good upward trendline support at 322, failing which, it will retest 305/295. Next target is 472 (will move quickly if it manages to cross all EMAs (all between 334-343 right now))
Mothersonsumi is forming a beautiful elliot wave formation & looks like it will defeat the ATHs of 260-270. Also, it is seemingly doing a massive cup and handle formation, from Jan'18. It is above all daily EMAs for now.
Invalidation levels: 200 or a high volume drop from 200d ema
ITC is getting tighter and tighter. Above all the EMAs. Major support at 198, resistance at 251; Upward trend line from March lows getting closer. We are in Wave 4 of a classic Elliot wave pattern. Notice that the lengths of waves 1 & 3 are the same & both took around 100 days to form. Wave 2 was an exact 61.8% retracement of Wave 1. Wave 5 target of 278, ideally...
Previously, TIGR did a massive 1-2-3-4-5 wave, followed by a A-B-C correction to Fib levels. Then, a inverse H&S pattern followed by a double top caused the stock to rise and then crash to 12. This needs to get above the 200 d EMA at 16.7 to trigger a bullish reaction. Maybe after earnings?
Kohls reached a ATH at 64.8 and promptly did a A-B-C correction to high 40s. Since then, it is on wave 4 right now, at dual support of 50d EMA and 61.8% Fib retracement. Historically, it has respected 50d & 200d EMAs. I expect this dual support to work. In case it doesnt, expect a reaction from the 200d EMA which is quite close. Target ~ 60