HDFC : Power of Elliot wave and Fibonacci levels

HDFC was in a general uptrend and we captured the gains using Elliott waves to predict the future price action combined with Fibonacci levels for deriving targets.

The stock was covered in the morning daily research report – “The Financial Waves short term update” which showed wave c ongoing and mentioned about the power that it beholds.

HDFC 60 Min chart: (Anticipated on 13^th December 2019 – before market opened)

HDFC 60 Min chart: (Happened as on 24th Dec- 11:30 am)Anticipated as on 13^th December – published in the morning research report

On the hourly chart we seem to be moving in wave v in a corrective manner. Internal count of the correction suggests that second leg of correction in the form of wave c (red) seems to be unfolding on upside. To continue upward rally we need to see break above 2335 levels which would lead prices towards 61.8% extension of wave (a) near 2385 levels which also coincides with upper trendline of the channel.

In short trend for HDFC has been positive for now. A break above 2335 will allow prices to move initially towards 2385 which coincides with 61.8% extension of wave (a) or higher levels as long as 2250 stay intact on downside.

Happened as on 24^th December – The stock moved exactly as expected post  the break out and is currently trading near 2430 levels.

We cannot be more accurate than this. The above research shows how well Elliott waves work and Fibonacci levels could help in deriving the exact entry points and targets for the same.

Following were calls given on intraday Equity Futures:

• 24/12/2019 (10.46) – PREMIUM JINDALSTEL DEC FUT BUY ABOVE 159.30 SL 157.90 TG1 160.55 TG2 161.50
  • (11.21 am) – PREMIUM JINDALSTEL DEC FUT BUY CALL GIVEN TGT1 ACHIEVED AT 160.55
  • (12.10 pm) – PREMIUM JINDALSTEL DEC FUT BUY CALL GIVEN TGT2 ACHIEVED AT 161.5

• 24/12/2019 (59am) – TITAN DEC FUT BUY ABOVE 1214.9 SL 1209.50 TG1 1218.9 TG2 1222.30
  • (11.25pm) – TITAN DEC FUT BUY CALL GIVEN TGT1 ACHIEVED AT 1218.9

Mentorship: I will be covering these important trade setups that is must in your trading plan in the upcoming Mentorship program. I will be assisting in the trades taken beyond the 3 months mentorship schedule as an ongoing learning for any trader. How to enter and exit in disciplined fashion. Know more here