In current market environment there are stock specific action that can be witnessed. We can clearly see in below research how Elliott wave theory helped in capturing the move on the upside for Momentum calls.
Below research is picked up from Momentum calls and research report published on 17th December 2020
Jubilant Food hourly chart:
Following was mentioned in that research report
Buy Price – Buy above 2700
Target price –2890
Partial Profit: 2819
Stop loss–2568
Wave analysis:
Anticipated on 17th December 2020 – Food sector has continued to outperform and Jubilant Foodworks is one of the leading stocks of the sector. It is best to buy stocks from outperforming sectors as long as momentum is there in broader markets.
As shown on the hourly chart, Prices showed an impulsive rise in the form of (5). Wave 2 retraced 61.8 % of wave 1 and wave 3 was an extended wave. However, wave 4 was a complex corrective pattern with the second pattern a running pattern. This increases the probability of the 5th wave to be again an extended wave. Prices were moving precisely within the channel and the break above the channel indicated bullishness.
Happened: BANG ON! The stock performed as expected and the target was achieved on the same day itself with a gain of more than 8% seen in the stock.
The above clearly shows power of Elliott wave and how one can identify stocks basis of wave pattern. Get access to the Momentum calls over here
Learn the best forecasting tools using Elliott wave, Neo wave and Time Cycle methods along with Ichimoku Cloud in the upcoming Master of Waves program (MOW), Only limited seats and Early Bird Ends on 5th January 2020. Take the first step towards becoming finest trader. Know more over here
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