UNION BANK ELLIOTTWAVE ANALYSIS

PSUBANKS have been correcting ever since 2011.

Deep corrections and inbetween fast retraces .

This is weekly chart which shows price movement in slanting channel.

On larger degree WXY correction is on W contains wxy of a smaller degree.Presently trading in Y leg of WXY correction (Sky blue) .

100 is a strong hurdle for this stock a good move is expected above 100 .Lower channel support comes at 50-55 .Can this fall towards 55 time will say right now look for 100 if that fails to cross look for lower levels to come.PSU banks move together.

Overall offlate PSU banks have been buzzing so thought to put a wave prospective.

AXIS BANK

Axis bank consolidated in a triangle for more than 

three and half years .

The stock tried breakout ,This a close above 641 would confirm 

break from triangle.laggard private banks are flavour of season.

icici bank is running so did axisbank need to see if this can close above 

641.The move can be huge above that ,No fundamental reason as such 

for such move yet ,Lets see if the stock can perform.Keep an eye.

Long term charts METALS

Have made few long term charts.

TATA STEEL.

The stock consolidated for 4+ years 

in triangle and broke out and now retracing from highs.

VEDL

VEDL did 5 up on monthly chart and then did abc correction .

The stock rose back above b wave trendline and retracing.

PRAKASH IND

This stock also did a triangular consolidation broke out and now retracing.

MARUTI wave analysis

Maruti did a small degree 5up recently.

Lets look at the chart.

From the chart we can see a nice 5 up followed by a correction the correction

is reaching near support levels. This most likely can bounce in any gapdown

Good support at 8960-80.Lets see how stock plays out in coming days.