By Waves Strategy (www.wavesstrategy.com) or write to helpdesk@wavesstrategy.com
Bottom Line: Elliott wave counts works very well in stocks like IDBI.
The below article itself shows how wave counts along with channel can provide a high probable trade setups.
IDBI Bank Daily chart:
(The wave counts have been purposely not shown as meant for paid subscribers)
IDBI Bank 120 mins chart:
Anticipated on 06th Novemebr 2012:
Happened:
Waves Analysis:
As discussed on 23rd October 2012, “Looking at current scenario it seems that IDBI should now participate in the current rally in the form of wave… and should provide the bullish opportunity in the coming trading sessions. In short, as long as 92 is intact on downside our bias is positive. Sustainable move above the previous day high of 98 will take prices higher till the previous high of 106 levels over medium term”. BANG ON!!!
IDBI moved perfectly as expected. Prices sustained above the downward sloping red channel, breached the previous day high of 98 and moved higher till 108.45 levels.
As shown above in 120 mins chart, prices have completed intermediate wave ……….. Looking at broader market, prices might continue the previous ……….and then it will provide the bullish opportunity.
Momentum indicator RSI exhibits the negative divergence (shown above in daily chart). Any move below ………… the alternate triangle pattern.
In short, …………. will act as an immediate support level.
To know the clear path & crucial levels for IDBI that we have shown in today’s “The Financial Waves STU” morning report published before equity market opens, subscribe now and know high probable trading setups on Nifty & 3 different stocks with Elliott wave counts, Channels and indicators applied together.
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