ONGC Trade setup

Hi friends,
                   Looking at ONGC chart ,It gives us a opportunity to trade long.
Lets look at the elliottwave counts on the chart.

If we see from the chart
we have seen a small
impulse followed by a big
abc correction.
Here we can hav e a smal
long in dip around 272-270
for a target of 283.
Above 283 the stock can
do very good ,For the time
being 283 would be the


target stoploss would be 265 ,Lets see how ongc performs.

Regards
Rish

Nifty wave structure 11th february

Hi friends,
                     As the waves unfold we get things clear ,Had expected a small upmove towards
6100-6130 which is on right now as i write.I expect it to loose strength any time during this upmove
and head towards 6030-20 ,We would again evaluate near 6030,To see further move.

 Lets see how nifty behaves
at these levels and would
figure out next move in
it.








Regards
Rish

Bank nifty Elliottwave Analysis

Hi friends,
                    Banknifty stocks holds the most weight age in nifty,So mostly
we see banknifty has a bigger say in Nifty directional move.
Lets see the banknifty Bar chart and try to count its waves.

We look from the chart
we have repeated abc correction
A possible case of
tripple zigzag ,We would see
how it unfolds ,As of now
my expectation is a fall to
any of yellow line levels
and bounce back to 10400-10450
levels ,There i expect the pull
back rice to finish.


Lets see how Banknifty performs in next few days.

Regards
Rish

Ultratech Trade strategy

Hi friends,
                   Ultratech has been following waves perfectly ,I tried few trade setups
on it and all were successful,Now here again Ultratech is on important juncture .
Lets look at the chart.

This is daily chart
from the chart we
can see that its forming
a tripple zigzag wxyxz.
I had mentioned few
trade setups in it,They
were based on X wave
move you can check
the trade setups here.
Ultratech trade setup.


Coming back the the above chart we are in c wave of X ,Now the important section
Where to short for Z wave fall,Lets get a closer look at the X wave.

From the chart we
can see,The c leg
target if a=c would be
1770 as of now we
are trading at 1720+
Either short below 1700
or look to short near
1770 for a new low
below 1640 atleast.
If you short below 1700
stoploss would be 1740.

For 1770 we have to see still as we are yet to reach there,Keep an eye on the stock.

Regards
Rish