IDFC: Expanding and Contracting Diametric

-
IDFC is moving in a positive direction from  March 2016. As of now it has protected the upward sloping blue line which is drawn from the bottom of March till date. I strongly believe that the trend lines are always meant to be broken- it is time for short term trend to change.

Technically speaking, the stock have started exhibiting negative divergence in comparison with momentum indicators such as MACD, RSI etc. This is the first indication that the positive momentum is on the brink to diminish and prices are now expected to reverse. The first confirmation will be obtained when the level of 54 is broken on the downside.

As per wave theory, from end of March till date, prices are moving in a complex correction. The first pattern which is a seven legged pattern (a-b-c-d-e-f-g) is a diamond shape diametric immediately followed by wave x, then there is a bow and tie diametric pattern which also has seven legs in it. Now the possibility of wave x on the downside is higher or bigger reversal is expected which can drag prices further lower.

In short, expect prices to move down till 54, breach of this level will accelerate selling pressure which will make prices tumble below 50.

IDFC Daily Chart


The next tutorial for Elliott Wave and Neo wave concepts will be scheduled on 17th and 18th September 2016. This will be a webinar set for two days 6 hours each. The course fee will be 10,000/- for two days.

Requirement for Webinar will be Team Viewer 7, Yahoo messenger and Headphone and Mic. Interested candidate can mail me for further details on meghmody@gmail.com

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