iCharts Discussions

[shekharinvest]

JDPT,

This is an open forum.

There is no reason for you to apologise. Note was never meant to be a dis-approval of your posts. It was only for the convenience sake as we both have different styles of posting.


SHEKHAR

[rk_a2003]

Shekhar,

Three cheers for your HINDUNILVR analysis .You are right on target. You said it’s a low risk Short. I read and wondered. It went down as if obeying your ‘orders’ to go down .

I know your analysis is based on Elliot Wave theory. I am not much aware of Elliot wave. It’s your thread which ignited interest of ww in me and pushed me out of losses(In to profits too). May be you are now igniting another one. Thanks A Lot

When you posted your Hindunilvr chart I also studied ITC and thought that The chance of ITC going down is better for the reason Hinduni closed at day high and ITC made an inverse hammer like formation with topping tail. I also observed a –ww in ITC weekly chart.

At the end of the day my assumption went wrong. Now I realized Elliot wave analysis have something more.

I would love to hear your analysis on ITC( if any )and if your time permits.

[psalm]

[shekharinvest]

It seems Nifty has made a short term top here. Price move in next day or two should confirm.

Complex and time consuming W4 is to be expected for the next couple of weeks (months).

Chart is self explanatory and in continuation to my previous July 13, post. Tgts have been tweaked as per the internal wave structures.


Happy Trading !
SHEKHAR

[skd2012]

"Price move in next day or two should confirm" this is very important part I feel.

Just to point out one thing, we just made a new swing high yesterday, but yesterday;s fall emotionally making us think that it is done. But with momentum it can go anywhere in upside and chances are more that it can make more new high. Just my thought!!

[saumya12]

Thanks
But how to be sure that W3 has completed.

[vinst]

[shekharinvest]

[shekharinvest]

Bharti Artl


For Positional Longs wait for correction.
This is an EOD chart for Bharti ARTL, which clearly shows a five wave move past the reflex point is about to end. The estimated end point for wave 5 comes to 360.85, and we can now look for 3 wave correction before we initiate positional Longs. Supposing it ends at given tgt we can expect 50% to 61.8% retracement i.e. look to buy in the range of 300 - 285.


Here is a Short Trade for short term

Here is a Hrly chart depicting the internal wave structure of the wave 5
w ii is almost 78% of w i
w iii is 161.8% of w i
w iv is 38.2% of w 3
A normal wave should have ended at 345 approx. Here w v has started expanding and the possible TGT could be 359.5 at 100% from there we can expect fast retracement into the range of 329 -326.

If we go deeper into the sub wave and take the emerging ratios likely projected end is close to 361. Hence from the above three we can safely assume that there is a very good chance for a low risk short entry close to 360 with minimum stoploss and tgt could be 329-326 and then may be 300-285

Keep in mind wave 5's can keep expanding, we only know after the end of it.

Happy Trading !
SHEKHAR

[shekharinvest]

HCL TECH EOD CHART

A five wave move seems to have ended.

The five waves are in the following ratio

W2 retraced about 80% of the W1 followed by W3 which went tad higher than 1.618% of W1 and W4 retraced 38.2% of W3. Wave 5 is an extended wave and the possible targets are 718 > >757 >>781.

Now take a look at internal wave structure of W5

W (ii) retraced 61.8% of the previous move and followed by the massive W(iii) which extended close to 400% the next wave W(iv) retraced merely 23% of W(iii). All these move gives us possible end point of W (v) as 731 at 261.8% of W(i) or at 736.5 if taken as per golden ratio.

Woila ! Present move seems to have met resistance at 36.6 for now.

W 5 is an extended wave hence we should get a fast retracement, taking the price close to 500

Happy Trading !
SHEKHAR

[skd2012]

thanks for HCL TECH analysis.

please share some shares, which are in wave 4 and on the edge of starting wave 5.

thx!!

[vinst]

[ragarwal]

hello shekhar,wats the call in bharti now.cn i buy it now?if yes then wat shud be the target

[shekharinvest]

[ragarwal]

thnx shekhar