Monday, January 16, 2012

Home / Heromoto / Stocks / Hero Honda 'Irregular Flat' correction seems to be over!

Hero Honda 'Irregular Flat' correction seems to be over!

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Daily Chart
Hero Motors was mentioned to me by a dear friend. It seems that we prices have completed an important 5 wave advance in Sep 2001. Since then prices have traced out an irregular flat correction, in which wave C is 161.8 % of wave A. Also 5 waves seems to be complete in wave C of {II}. Now Hero Motors should go up from here in wave {III}. This is a beautiful chart.



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Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...

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2 comments:

  1. Anonymous17 January 2012 at 01:10

    I am not a chartist but thought the same....what stoploss you reccomend if one has to go long now

    Shrikant

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    Replies
    1. Aniruddha Deshpande17 January 2012 at 10:17

      Shrikant there is a possibility of another low though not included in the chart above, but if we get resisted around 1900 - 40 levels we may see another low before embarking on a big up move.

      Delete

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