- LT looks like it is moving in a clear impulse pattern. So long as the top of wave [1] is intact (marked by horizontal line - 1442).
- It seems wave [4] might be a triangle, and is looking like it is nearing completion.
- A BO above (b)-(d) TL, should be a good signal, of completion of wave [4], and an entry signal for wave [5].
- It seems like RS of LT is improving against Nifty (chart not shown).
- Wave [5] should target 1800 odd levels.
Today LT has broken the lower trendline. Do u still feel wave 4 could play or you hold your view till 1442 reaches ?
ReplyDeleteThanks
Dear Hari,
ReplyDeleteTechnically wave [4] should not enter the territory of wave [1]. So 1440 odd levels is the deal breaker in this case. But the important point here would be that Nifty down move is not letting up, and stocks rarely go against the broad market.
So primary requirement is an up trend in Nifty.
But there is no point using EW if you are not going to think contrary to the markets. These stock ideas may turn our to be total disasters, but if Nifty shows some intent of turning up we should see these stocks doing particularly well.
These posts do not necessarily suggest taking action immediately, but just to alert readers, should Nifty change its trend from down to up, we have potential in these counters.
Regards
Aniruddha