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| Daily Chart |
Long back I spoke of a triangle in wave (IV), refer the post here. I was looking for a 290 levels on Bharti. The low of 280 on 24/5/12, if held we may see Bharti embarking on an sustained up move. In EWP terminology it is called as thrust from a triangle. But whether broad market supports this view, is a question I cannot answer at this moment. Bur Prechter in his epic book EWP: A key to market behavior, has mentioned, that one should not ignore EWP patterns in individual stocks.
Also on the indicator from, we can see MACD meandering around the 0 level. One can also spot a big positive divergence on MACD. The last up move, though it looks like a leading diagonal, is surely an impulse move, so now even if we are not embarking on wave (V) on a very large fractal, the alternate count also suggests an up move from 290 levels, in wave (c) of [b], following which we may see a decline in prices. So I feel it wont be such a bad idea to grab some of this scrip around 290 levels, with a stop below 280, nice reward to risk ratio too.
Weekly chart has been attached below for reference. Do send in your vies and comments on this post.
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| Weekly Chart |
Dear Sir,
ReplyDeleteCould you pl post your review on wipro as per EW theory for the short term
Rgds
Hari
I will do it soon. In the meanwhile you can search for posts on Infy on this blog. You will get a grip on the situation. You can search from the search tab in top right corner of this blog.
DeleteDear Sir,
ReplyDeleteCould pl mark wave count on Bharti daily charts since it is beaten down badly
Thanks
Hari
This is a recent post on Bharti!
DeleteRegards
Aniruddha
Since it has broken 280-290 levels, what would we expect ?
DeleteWhen u find time, pl post
Admire your hard work !
Rgds
Hariharan
Sorry the link was missing in the last post here it is,
Deletehttp://tradeelliottwave.blogspot.in/2012/08/bharti-elliott-wave-analysis.html?m=0
The analysis hasn't changed from the post, the link for which is given above.
Delete