Hi friends,
Bhel is trading in a important range so ,lets see its wave count.
On daily chart we can see it failed to breakout of longterm slanting trendline.
A breakover the trendline would give the momentum and trenchange for the stock ,But
for the time being its not happening.Lets see the chart little closely on a hourly chart.
We can see A up followed by a rangebound correction a triangle followed by a impulse
up ,Now this impulse up can be a 1 aloso of a smaller degree that we can see if stock starts
to show up strength soon,My preferred count would be we finished a abc ie W as long as
the high of 180+ holds i would look to sell rallies.
Bhel is trading in a important range so ,lets see its wave count.
On daily chart we can see it failed to breakout of longterm slanting trendline.
for the time being its not happening.Lets see the chart little closely on a hourly chart.
up ,Now this impulse up can be a 1 aloso of a smaller degree that we can see if stock starts
to show up strength soon,My preferred count would be we finished a abc ie W as long as
the high of 180+ holds i would look to sell rallies.
Great analysis as usual from you. I think for now 155 appears to be an interim support for another attempt to break above 180. If that fails then 135 should be where the X/2 wave should end.
ReplyDeleteYes 155 is short term support..
ReplyDeleteLooks bit conflicting as 2nd wave wht you saying looks like a triangle which according to elliott guidelines is not possible,Give some more time to stock so that it breaks out of this range then i think waves would give clear hints.
ReplyDeleteJignesh it looks more of a triangle to me ,Any how its resisting on long term slanting trendline till that is not taken out things don't look rosy for this.
ReplyDelete