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| Weekly |
DLF has been withering away since the top made in late 2009. We may count it in a couple of ways, our preferred case suggests that we are yet to complete the down move, and may fall towards the 99 levels to complete the correction. On the other hand, if we count a running correction we may see prices rising up from current levels and we may take out the 2008 top at least in that case. There is a third possibility of a triangle forming and we have completed the waves {A}-{B}-{C} of it already. Now we may rise in wave {D} and again fall down in wave {E} to complete the wave (IV). Once this is done we will embark on wave (V), and that will be a big bull market in this stock.
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| Daily |
The daily charts show the first two possibilities with greater details. The one above shows a possible down move in coming days, to complete the {A}-{B}-{C} correction. And the one below shows possible running correction, with prices rising above the resistance zone to start with.
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| Daily |
In case we are forming a triangle in wave (IV), the following monthly chart shows the possible path. Its difficut to put a timeline on this last possibility. But EWP is primarily about form of price movements. Right now on the very near term we have a resistance zone around 230 - 240 range. It how the prices behave at these levels will decide which probability takes precedence.
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| Monthly |
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