Bharti Airtel : Pattern Trading And Elliott Wave Counts

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Bharti Airtel was one of the out performers in Tele Com sector like R Com, Tata Com etc. Looking at the current structure we can say that it has completed its last leg on upside and has started its down move.

This is only possible with the help of advance technicals like Elliott wave counts and Fibonacci Retracement to provide support and resistance levels.

Bharti Airtel Daily Chart


Analysis

From the above daily chart we can observe that prices from August 2012 were impulsive in nature and made a top in early January 2013 at 370. Thereafter prices are moving in a corrective manner. Impulsive move is very easy to identify as compared to corrections. We have placed Elliott wave counts to identify the next move of Bharti Airtel. The stock completed its last leg at 354 levels and has started its down move.

The stock was facing the resistance of 78.6 % retracement of the previous down move (370-266) even simple technicals like Adx has given fresh sell signal on 19th August 2013 which clearly suggests that the stock is in down move.

On 60 mins chart we can observe that the stock has made a distribution pattern and has given a fresh breakout which opens negative possibility and prices now can move lower till 300 levels over short term.


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