Waves Capital (http://www.wavescapital.com/): Elliott wave Ending Diagonals are wedge shaped patterns that offer very good trading opportunity. The below is an excerpt from Financial Edge short term update published daily before 8.30 am that shows Nifty along with 3 other stocks exhibiting such appealing opportunities. Subscribe now by writing to us on helpdesk@wavescapital.com and get the best of the trading opportunity alerts in this fast moving market.
ABB Daily chart:
Anticipated on 5th Jan 2012
ABB Happened:
On 5th January we mentioned “ABB on the daily chart has formed an ending diagonal pattern. The prices have given a break on the upside & sustaining above the downtrend line. At the bottom the RSI is showing a strong positive divergence. In our view wave ‘E’ has completed near the 540 levels. In the near term we can expect an upmove to 670 -700 levels. The stock has immediate support near 565 levels. As long as 540 levels is protected on the downside we would maintain a positive stance for further upside from current levels.”
As anticipated in our previous update prices have completed the wave ‘E’ & we could see an up move that far exceeded even 700 levels. In the above chart we can see the stock has made a vertical rise after breaking the ending diagonal pattern & has retraced the entire fall of the diagonal pattern to 900 levels. The stock has given a 50% return in quick time.
Write to us on helpdesk@wavescapital.com to see what lies ahead for ABB and Indian markets.
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