CONCOR: How to derive targets using Elliott wave and price action
Simple Elliott wave helps us to identify big moves well in advance. If we combine it with price action along with simple indicators like Bollinger Bands then one can form powerful trade setups with much higher accuracy!!
We published the following research on CONCOR pre-market on 6th March 2024 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.
CONCOR Daily Chart Anticipated as on 6th March 2024
CONCOR Hourly chart Anticipated as on 6th March 2024
Wave analysis as on 6th March 2024:
CONCOR rallied more than 17% in the month of February and made life time high near 1027.65. Since then we are witnessing profit booking in this asset. In the previous trading session, CONCOR closed with a loss of -1.85%. On the above chart we can see that prices reversed from the upper bands and currently trading at the mid bands. A close below it can drag the price lower towards 945 which is next important support level.
On the hourly chart, we have applied Supertrend indicator to know the direction of trend. As we can see Supertrend already is in sell which shows the bearish momentum can continue to be seen. Supertrend line can act as an important resistance which is near 988 levels. As long as price stays below it, short term bias remains negative.
In short, view for CONCOR is bearish. A breach below 965 can drag the price lower towards 945 as long as 988 holds on the upside.
CONCOR Daily chart Happened as on 20th march 2024
Happened: We can see that wave count have helped us to find out the trend reversal for CONCOR well in advance. In our report we mentioned that after wave (v) completion, further selling can be seen. Stock moved precisely and achieved our target of 945 and moved way below it and made low of 819.45 levels which more than 14% move from our mentioned levels.
For now, one can use sell on rise method to ride the trend as long as 858 holds on the upside.
Brahmastra (Mentorship) on Trading with complete handholding and learning the sacred science in the way it works along with live trading sessions, application of Elliott wave, Neo wave in live markets, Options trading strategy, Stock selection algo, risk and money management in upcoming Mentorship sessions starting on 27th March 2024, Limited seats only, Fill below form for more details:
No comments:
Post a Comment