ADANIPORTS seems to have completed Wave III and has initiated Wave IV correction. Ideally it should have started correcting from 299 but the internal counts seem to have prompted it from lower level.
Confirmation that it is Wave IV would come upon move below 20DMA which is around 268. Minimum Target of this move should be near 226 which is close to Wave 4 of lower degree.
It is futile to guess which pattern it is likely to follow as there is a wide variety of those but most likely it will be a simple ABC down move as the Wave 2 was mildly complex (with Wave B being a triangle). Also this correction should be fairly swifter.
For an ABC correction Wave B corrective up move should start near 255.
Confirmation that it is Wave IV would come upon move below 20DMA which is around 268. Minimum Target of this move should be near 226 which is close to Wave 4 of lower degree.
It is futile to guess which pattern it is likely to follow as there is a wide variety of those but most likely it will be a simple ABC down move as the Wave 2 was mildly complex (with Wave B being a triangle). Also this correction should be fairly swifter.
For an ABC correction Wave B corrective up move should start near 255.
2 comments:
Hi EWite! Is it possible to post your EW analysis views on BHEL?
Thanks, Vijay
Per your request, my EW counts for BHEL are here. RE https://twitter.com/Stocktechy/status/495862345931837440
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