Reliance Communication Bottom in?

Hi friends,

                  Went through R COM chart looks interesting ,Monthly chart hints a important bottom in place lets look at the chart.

The trendline touching important lows maintained even in deep dump gives confidence about levels.

Grinding deep in chart looking at daily time frame the fall E wave shows a good 5 wave down with 5th extension.The bad debt and failed deals were responsible for extended fall. more over a very important support of 46 got breached though the price tried to hug that level for quite sometime .

Let me put daily time frame chart for  clear waves  .

Look at the above chart so clear waves with extension in 5th wave .Stock made a panic low near 10 and has recovered handsomely after that ,First sign of reversal in this stock is a close above 18. Above 46 longterm reversal for stock . Overall stock looks good for longs in dips.

>Star Wave analysis

Hi Friends,

                   Went through Star chart pattern looks interesting.Lets expand the chart,The stock has not performed much in the recent pharma rally.

The above chart shows the stock is in correction mode since start of 2016.We can see w and x is done and y is on the pattern is still in making though a good small long trade looks set.

As long as stock holds 830 a retest of 924 and even 990+ is possible .A good level to enter can be 860-855.Keep this stock on radar for long term reversal too.

>SBI chart

Hi friends ,

                     Looking at SBI chart,Anice impulse from 2016 lows completed near 310+ in aug 2017 let me put the chart to show that.

The impulse is a text book impulse following golden rules 3=1.6(1) and 5 almost equal to 1 .

After 5th up we are nearing end of a impulse in shoter timeframe let me put that chart too.

current situation 265 is strong support,As long as 260 holds the stock can do 290+ .Lets see how stock performs in coming time.

>Apollo hospital chart

Hi friends,

                   Apollo hospital has corrected sharp recently,Looking at the wave structure chart of apollo hospital we can see W and X followed by a impulse. Let me put the chart.

From the chart can figure that the stock is likely to find support in 1020-1000 range and bounce back towards 1150 levels .This impulse fall is likely to be a wave fall of Y leg correction ,Plan longs nearer to 1000 and look for good bounce.This is leader in hospital sector other stock in same sector is FORTIS healthcare which has given tuff time to traders and investors.

>DABUR the ayurvedic company

Hi friends,

                   Writing a post after a while .Weekend post is on dabur this stock has started to move up after lot of consolidation.In elliottwave terms it did wxyxz correction and started to move up et me post the chart .

We can see from the chart how dabur has corrected in a pattern.After the corrective pattern completion the stock started upward journey and started to consolidate near previous high.

Now this structure we can relate with classical tech analysis also this is quite similar to cup and handle pattern where cup is done handle underway.let me post that chart too.

The above chart shows the cup right now handle is under process in elliottwave terms we can say 1,ais done and 2,b is underway.Let me put a lower time frame chart to see the present situation of chart.

we can see a smallabc is done and now another abc is underway we could have a small trade building up here as long as 296 holds this stock can do 320,To complete c up Overall i think the stock should spend some time in 320-280 range before shooting up higher keep this stock on radar as an when nifty starts to correct we need a place to hide whats better than a FMCG stock :).

>Pharma sector update.

Hi friends,

                   I am tracking pharma sector for sometime now, Had even posted about few pharma shares ,I had written about LUPIN and GLENMARK ,Both were bearish posts about the stock.The stocks did fell and completed much more than the anticipated targets.

The waves in individual stocks looks to be nearing end or have ended.Sunpharma ,Lupin, Glenmark and DRREDDY all looks set for a good rally in some time,Best way to play them would be to have a SIP in any pharma based fund.

For traders need to find trade setups which i am sure would pop up in a while ,All in all you cannot neglect pharma anymore thats what i mean by this post ,I could be a early bird 

Expecting pharma index to get back to weekly 200 dma again in coming time even in a bearish scenario.

>Engineers India Limited

Hi,

       Interesting pattern on Engineers india lets see how its moves ,150 strong support and 160-61 stiff resistance once above that the stock can scale to 170.

>Oracle fin (OFSS)

Hi friends,

                     IT has been in correction and still no uptrending patterns have emerged in it ,OFSS is one such chart which has goot a clear wxy pattern coming up let me put the chart.

The stock looks to be in c of y which can take stock towards 3400.Lets see how stock move in coming days.

>Gail

Hi friends,

                    The structure of gail looks good for a bounce Lets see the chart.

A wxy has finished so as long as 348 holds this has potential to retest 388 lets see if the expected x wave or a new wave bounce materialises .

>Hindalco

Hi friends,

                   Hindalco has been trading in a range for sometime now the waves are overlapping

lets see the chart.

Expecting stock to drop towards 190-88 levels and rise towards 205+ Lets see how stock moves next week.

>NTPC

Hi friends,

                   Looked at NTPC chart,Can see a nice leading diagonal.The move started from below 110 and went all the way to 175+ lets see the chart structure.

Right now the stock is correcting this rally it has corrected 178 to till 155 and is trading in a squeeze.

Keep a track on this stock would update on this,As the pattern gets ripe.

>Nifty elliottwave

Hi friends,

                   Nifty has been showing small correctives followed by comparative large upticks,We saw them in the last post i wrote.Nifty elliottwave ,Here again i am able to count a wxy in small timeframe let me put the chart.

The above chart is well labeled.Assumption is as long as 9690 is not broken this rise is x wave and nifty can fall back to 9600 to make z wave ,Lets see how nifty moves 9580-70 is support.

>Banknifty

Hi friends,

                   Banknifty has been doing quite squeezed move for a week now ,Its nearing lower trendline support.

The trendline support comes at 23450-60 if banknifty continues to hold this range should continue uptrending ,If this range breaks expect fast fall towards 23000.

>Ibullhousing elliottwave

Hi friends,

                   Looking at Housing finance charts this weekend,Zeroed on Ibullhousing .Lets look at the chart.

The chart is well labled ,The stock is in c wave up which would ideally do 1225-35.This range 1225-35 is resistance zone for this upmove lets see how stock reacts to this range.

>M&M Finance

Hi friends,

                  The stock has followed almost the same pattern expected .Had posted in last post M&M Finance elliottwaves.Lets see the move the stock has done after the post.

Expectation was a fall from 340 levels towards 300-295  the stock fell till 290 ,And from there a rally towards 370 ,The stock has already done 350 .A good move in both long and short side.

>Nifty Update

Hi friends,

                    In my last post Nifty May expiry My expectation was a fall towards 9340-20 and a reversal for may expiry .Lets see the present chart of nifty.

Nifty made a nice falling wedge till 9341 and reversed .The reversal was too strong ,The suggestion to buy 9400 or 9350 CE did quite good,Ofcouse i didnot expect such huge move in a single day ,But according to waves i was able to catch the reversal beforehand.

>Tatamotors update

Hi friends,

                  In my last post Tatamotors elliottwave i was expecting upmove towards 480 and further till 520.Lets see the present chart.

The stock has already scaled 480+.

>Nifty May expiry

Hi friends,

                   This correction in nifty is quite shallow wheras in midcaps its deep.

Lets look at the nifty correction structure.

The fall from top is combination of abc joined by a x wave. This move can do max 9340-20 ,And should reverse again now with expiry quite near ,If a fall to said levels come before expiry we can  try CE 9350 or 9400 for expiry.If the expected fall doesnot come before expiry avoid CE.These CEs become quite lucarative if the direction is in favorable direction ,Also the premiums get less.

>M&M Finance update

Hi friends,

                   Had anticipated a fall in stock in last post MFINANCE ELLIOTTWAVE  .We can see that the fall has come from 340 levels to almost 300 now lets see the reaction near 300.

A good support lies near 300 lets see if it holds the stock can do good in coming days.

>Glenmark wave structure

Hi friends,

                   Lets look at the Glenmark structure on daily chart ,The time consuming dirty upmove turned out to be B up.

The wave targets show still more downside in glenmark ,Though a inbetween bounce should come soon but eventually i think 520-30 should get tested thats the support band.

>Tatamotors elliottwave

Hi friends,

                     Looking at tatamotors charts,Lets count from high of 600,We can see a abc correction till 430 .Then again a abc up tull 550+ making a lower top and then fell to below 420 making lower low in anc correction .

Now expecting a move towards 480,500 in abc correction up to hit trendline resistance.

Need to look at the structure of this anticipated rally ,To further acertain the move.

>M&M Finance elliottwave structure

Hi friends,

                  lets check the wave structure of m&m fin ,Lets try to count waves from December 2016 low.

The chart is well labeled ,The price is moving in a parallel up channel.The stock did abc up move followed by a X wave and now again in process of making next abc move .Currently a is finished (made a ending diagonal) now in b wave expectation is abc correction to finish b wave in (310-305).The strong support is at (300-295) range .

Expecting a up move from 300 levels.

>NESTLE ELLIOTTWAVE Structure

Hi friends,

                    This is new entrant to future segment,This stock structure looks promising,Lets breakdown the chart structure.

The chart is well labeled.7500 to 5000 the stock did big wxy this correction took almost a year to finish.Further after that stock did a leading diagonal move and almost hit previous high of 7500 and fell back and made a abc correction ,And now again the wave upmove has started,This move should atleast hit 7500.Above 7500 the stock can do big move would recheck once 7500 is hit.Lets see how stock moves in coming weeks, Dips should be bought this should hit 7500 as long as 6000 is held.

>BankofBaroda

Hi friends,

                   In last post BankofBaroda elliottwave had posted about a move towards 200+ and then a fall towards 180 ,The stock has loosely followed the same expected pattern till now.

>LUPIN update

Hi friends,

                     This has done the minimum target expected Lupin elliottwave counts.Now lets see how stock reacts to these levels ,Still no reversal or strength seen in stock ,Would give few days more to the stock before reevaluating the elliottwave counts.

>Balrampur chinni

Hi friends,

                  Posting wave chart of balrampur chinni,Quite clear waves let me post the chart.

5th wave underway and it has potential to scale new all time high above 200++.This is for educational purpose.

>PSU BANK Bank of Baroda Elliottwave

Hi friends,

                   PSU banks are in limelight ,They have been rising for some time though the rises have not been consistent still they are making higher highs and higher lows.I had posted about ORIENT BANK ,The stock is still rising.This post i have made chart of Bank of Baroda let me post the chart.

As we can see from the chart ever since 2016 start the waves have been quite overlapped,I have labeled them,Right now in short term 200,210 is stiff resistance.

Overall the stock is trading above red slanting trendline resistance,I have drawn the expected move with dotted green ,Lets see how stock moves in next few weeks.

>Nifty update

Hi friends ,

                    In the last post Nifty slow correction had 9050,9000 as supports and a move above 9160 should add strength to the move .Nifty made a low of 9070 and crossed 9160 showed strength and finally have come out of slow correcting channel.

Support now for nifty comes at 9250-40 range and resistance range is 9350-70, If we get a dip  near 9250-40 nifty can move up to 9350-70  provided 9200 holds.Lets see how nifty moves .

>Nifty slow correction

Hi Friends,

                      Nifty probably witnessing longest correction pricewise as well as timewise since 7900 lows,Lets see the internal wave structure of correction.

We can count clearly 2 abc's joined by x wave also we have seen another x wave and the wave is continueing.Nifty is maintaining a slow slanting channel nifty need to take out 9160 spot now to show strength in index,Abreak of 9200 would be considered as breakout from this slow correction.On the downside 9050,9000 are supports ,We still have 2 more trading days left for the week lets see how the price moves .The broader market is moving unaffected by nifty move ,Specially midcaps and small cap stocks .I think till nifty maintains 9000 +-20 these moves can continue.

>Tech mahindra nearing support

Hi friends,

                  IT stocks were lackluster all this while ,After infy results IT stocks saw dump.Slowly many stoxks reaching support one such stock is Tech mahindra lets see the elliottwave pattern of tech mahindra.

Its a complex correction having a zigzag followed by any 3 and a triangle ,Right now e wave of triangle is on 400 is strong support Though Trump effect has shaken the sector a bit,Short term can be bad for stock but on weekly chart the chart looks in accumulation mode.Keep this stock on radar of you are thinking about bright future of IT sector.

>PSU Bank Orient bank

Hi friends,

                 Weekend chart Orient bank a psu bank did a impulse up from year 1999 to late 2010.

Commenced correcting impusive rise from 2011 to early 2016 ,And from there a labored impulse like structure .Let me put the chart.

The chart is well labeled with elliottwave counts.The correction has unfolded in  wxy  ,Right now 160 is stiff resistance for the stock,Waing for a good tradable pattern in short term since big pattern looks clear track this stock closely.

>Ambuja cement

Hi friends,

                   Ambuja cement is an interesting pattern,Lets look at the chart to get a clear picture.

The chart is labeled with waves this correction of ABC looks to be a flat correction which suggests lot of upside still pending for the stock ,As long as 220 holds the stock can do 270,280 .ACC has got quite similar pattern like ambuja two different companies of same sector do watch ACC movement too As the charts are same movement should be similar too.

>MCDOWELL after MP liquor ban

Hi friends,

                    I tracked this stock for sometime now,I had posted about it Mcdowell waves and 

had mentioned about a bounce coming in it near 2100 we saw a bounce which took stock to 2200+ .

The stock was spending time near 2200 ,Thats when the supreme court ban on highway liquor shops came and the stock saw a deep cut ,Further the stock was trying to absorb the damage near the support of 2000 ,And today a big news came from MP  All Liquor Shops In Madhya Pradesh To Be Shut down In Phases, Says Chief Minister.The stock fell and broke support of 2000.Let me post the chart.

The stock looks fragile now lot of news flow has damaged the structure last big support near 1800-1780 .For now 2000 is a stiff resistance .I would get interested again in this stock above 2000 or near 1800.At times news play havoc.

>Escorts

Hi friends,

                     Escorts have interesting chart which is right now at important fibonacci levels.

Let me post the chart to get a clear picture .

The move from 2013 looks impulsive had a nice 2 year rally to make 1st wave and had correction to finish 2nd wave correction.From mid of 2015 3rd wave started we can see 5 waves clearly in 3rd wave .This 3rd wave move is satisfying 3=(1.61)1 ,Look for weakness in the stock in coming weeks 

Overall still no shorting pattern seen in it.Keep this stock on radar.

>PHARMA SECTOR

Hi friends,

                  We have seen Pharma companies have not performed good in last 2 years either they have fallen or have gone sideways .Lets look at the pharma sector index which includes .

Aurobindo Pharma Ltd.

Cadila Healthcare Ltd.

Cipla Ltd.

Divi's Laboratories Ltd.

Dr. Reddy's Laboratories Ltd.

Glaxosmithkline Pharmaceuticals Ltd.

Glenmark Pharmaceuticals Ltd.

Lupin Ltd.

Piramal Enterprises Ltd.

Sun Pharmaceutical Industries Ltd.

Barring one or two rest of all are near there 52 weeks low which shows how the index has been doing. let me post the index chart .

The index is moving in a downward channel for last 2 years and has not been able to break the resistance .Overall still the index is not giving any bullish signs I have been tracking LUPIN quite closely and have posted on it Lupin wave structure  .Lastly would say i think there is still some time before pharma gets back in shape and gets investors attention.

>Coal India target

Hi friends,

                   Coal india looks good to recover recent fall it witnessed from 330 levels.

The stock once trades above 300 can easily achive 330 levels .

The wave pattern of coalindia is given in above chart overall as long as 288 holds in the stock uptrend looks safe.

>Hinduniliver elliottwave structure

Hi friends,

                    A weekend post on waves beauty Hinduniliver,The chart has got so clear elliottwave counts,Lets unfold the waves ,Posting monthly log chart of Hinduniliver.

From the above chart we can see a big impulse move from year 2004.The sky blue shows the bigger impulse of which 123 is done and 4th wave is underway,The white one shows the big 3rd wave counts and finally yellow one shows 3rd of 3rd counts.In stock trading we need to find a tradable setup.Lets look at the pattern inside converging trendlines.

The above chart shows a triangle move in 4th wave right now in d wave and should fall back for e wave and finish off triangle and head for 5th wave rally which can make stock to rally 25-30% over a period of time the breakout would be above 955-60 levels track this stock though this may take some time good for learners to look out for the stock how it moves from here on.

>VEDANTA (VEDL) ELLIOTTWAVE structure

Hi friends,

                   Metals have been the winners all this while in 2016 to 2017 they have been in relentless rally ,Lets look at the chart of VEDL.

Above is monthly chart of VEDL with labeled waves,The rally which started from year 2000 ended by making 5 up in year 2010.

And we had 6 year correction till 2016 making abc correction and a new uptrend started the stock has tremendous potential still for a investor and can scale 500+ over a period of time .A investor shoulds accumulate this in a dip for new investment as the current levels are stretched .Long term this can do very good a multibagger kind this is pure technical view ,Do check fundamental of the conpany to back this .

>Nifty wave update

Hi friends,

                   The nifty has been sideways to down for a week now its grinding in a range.

I can see an abc x clearly let me put the chart .

The above chart clearly shows the wave unfolding ,Till 9135-40 is not broken an downmove till 9000-8980 is seen on contrary if nifty breaks resistance a new high is coming the bullish counts are in green lable.

>APOLLOHOSPITAL UPDATE

Hi friends,

                   I had posted about the coming weakness in the stock in last post 

APOLLOHOSPITAL WAVES .We can see the stock has indeed witnessed weaknes 

Lets see the further move of the stock next week to acertain the pattern completion.

>LUPIN Elliottwave structure

Hi friends,

                   This stock i have been tracking for 2 months now LUPIN WAVES even after many FDA approvals etc this is still not breaking above resistance and moving lack lustrely in the range ,I still think till 1580 -86 is not taken out this can remain subdued or move downwards.

On downside till 1400-1395 is maintained no big damage to the stock is seen a move below 1395 i think can take stock towards 1300-1280.Lets see how stock moves .

>DABUR Elliottwave structure

Hi friends,

                   I had posted on dabur some time back DABUR elliottwave  the structure has emerged 

Lets see the present structure.

So looking at the present structure,Till 290-295 is not taken out i would consider this as x wave which means a fall should be underway soon in dabur and the stock can see the low of 260 again .

Track this stock to see how the stock performs in coming days.

>MCDOWELL ELLIOTT WAVE

Hi friends,

                    In the last post had anticipated a fall in the stock MCDOWELL ELLIOTTWAVE the

stock fell about 150 points from the levels of last post and now near support expecting bounce from these levels as long as 2090 is held the pattern is forming we have a abcde correction from the 5th wave top.

Lets see how stock performs in coming days.

>Firstsource solution elliottwave structure

Hi friends,

                   lets see the structure of this midcap stock on daily chart.

The structure shows impulsive move on chart of which 5 wave is on with overlaping waves.

abcd is done and e is underway which looks like can do 60+ to finish e wave.

38 looks good support for this ,Track this stock in coming days to see how this moves.

>Colgate elliottwave structure

Hi friends,

                   Looking at colpal chart looks interesting.

Made a high in mid 2015 and kept correcting till early 2016 corrected in WXY correction,Let me put the chart.

The above chart shows waves clearely After WXY correction stock had a sharp rally followed by time consuming shallow correction which inturn made pattern for next rise,Let me put hourly chart to see waves unfolding closely.

stock corrected in abcde correction and slowly started upward journey and then suddenly tookoff above 920.This stock should do atleast 1100 and further do more in coming time .