Simple Elliott wave and Ichimoku cloud creates wonder if one combines it together! See yourself how we identified such a sharp fall in Hero MotoCorp. Check out how we accurately predicted on the possible correction in Hero MotoCorp which has shown fall of nearly 4% and achieved our targets in just 1 trading session.
We published about Hero MotoCorp in "Vayu Short Term Update" on 25th October 2024 which our subscribers receive pre-market. Check out below the detailed research report that we published.
Hero MotoCorp Daily chart anticipated on 25th October 2024
Wave analysis as on 25th October 2024
Hero MotoCorp lost -0.62% in the previous session. On the daily chart, we can see that not a single candle has given a close above previous day's high since 14th October which keeps overall trend on the negative side as long as we do not see a close above previous day's high. Also, currently stock is trading near the crucial support area which is at 5085 levels. A breach below it can intensify further selling in this stock.
As per wave perspective, primary wave (3) got completed at the top and the entire fall is in form of wave (4). Also, prices gave breakdown of the trendline
In nutshell, trend for Hero MotoCorp is bearish. A decisive breach below 5085 can result into further correction.
Trade set up for Positional Futures – short position can be created below 5095 with the stoploss of 5176 and target of 4975. (One can book part profit near 5055-5060 and trail stoploss to cost)
Trade set up for Options: Nifty 31st October 5300 PE buy above 230 with the stoploss of 194 and target of 280. (One can book part profit near 243-245 and trail stoploss to cost)
Hero MotoCorp Daily chart Happened as on 25th October 2024
Happened – As we expected, the stock has shown a correction. After breaking through the key support level of 5085, prices showed a fall more than 4%. All the targets were achieved in Future and options precisely.
So, with the use of the Ichimoku cloud and a basic Elliott wave, we were able to capture a fall of over 4% in a single trading session.
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