Reliance Capital: Anticipated Happened

-

On 7th March we anticipated that Reliance Capital will move till 377-380 levels, we had also mentioned that it will take few months to reach this level.

Below is the excerpt of this ADAG stock where we had mentioned the target level when the stock was quoting at 329 levels.

We are aware that prices has given a bullish break in falling red channel pattern which is visible on the charts, we are also aware that there is a positive divergence which is marked by blue line. All this factors suggests that the trend is changing from negative to positive.

We have also used Retracements and Projections to find out the possible target for this stock. Wave b of the second correction has taken the support of 80% Fibonacci retracement of the previous up move (289-407). Which clearly suggests that wave b of the second correction is in flat pattern. By knowing which pattern it has formed now it is easy to forecast the future price for this stock by using Fibonacci projections.

By applying this, resistance zone comes to around 377-380 levels for this stock which is very near to its upper extreme of the range which is 390 levels.

Combining Elliott wave analysis and Fibonacci Retracements and Projections it is always easy to find out the desired target or resistance zone for a particular asset class. It is advisable not to follow the crowd blindly, but use objective techniques.

On 21st of April 2014 prices made a high of 387.40 thus achieving our mentioned range of 377-380 and also the upper extreme of the range which is 390.





Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
Read more

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more