DLF: Triangle and Forecast

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DLF Daily Chart


DLF is moving in a sideways pattern in the range of 170-200 levels. In the above chart I have drawn two trend lines joining the two tops and two bottoms, by doing that the two trend lines eventually converge making an apex. This pattern is called as a symmetrical triangle pattern. A triangle pattern can be a continuation pattern or a reversal pattern. In this case with help of advance technical analysis I have come out with a conclusion, that it will be a continuation pattern.

Advance technical analysis i.e Elliott Wave indicates that a triangle normally forms in wave b or wave 4 or in a complex correction. After forming wave c at 140 levels, the stock rallied near till 205 levels and formed wave a thereafter it formed wave b in a triangle pattern. The next leg of wave c up is pending.

In short, DLF will surge going ahead which can take prices near till 210 levels in near term with support at 175 levels.

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