ITC has clearly moved contrary to our expectations. And whenever this happens, we need to get back to the drawing board. And the new drawing is as shown in the above chart. We I am doing something which has been touted very dangerous by the experienced traders. So today's analysis is just my guess as to the future path of ITC. And in no way constitutes a trading advice. I feel ITC is in its wave V, which has targets around 240 - 250 range. What gives support to our argument is the formation of a triangle in wave IV, which generally precedes the last move of one higher degree. Now this V wave may take myriad of shapes, but I would not advice either buying or shorting this scrip till we get clear evidence of either a top or an extension in wave V. ITC need to be in the watch-list till further clarification by prices.
Anirudha- request an update on ITC price movement today and elliot wave count please...
ReplyDeleteSorry buddy I can only take a look tomorrow. Thanks for showing interest in my work.
DeleteAniruddha Ji,
ReplyDeleteThe interest is all mine. Really appreciate your hard work to dig out EW counts and your views on stocks. I am just a reader and a commentator. Its you who i doing all the work. So i must thank you!
BTW- ITC is at an interesting juncture. Have a feeling one more downmove should be there. This time- want to make money on this.