Monday, March 11, 2013

Bhartiartl - Elliott Wave Update

  1. We might be tracing out a complex correction in Bharti.
  2. It might be a double three or a possible triangle.
  3. I have tried to mark the waves according to whether they are 3 wave or 5 wave structures. The colors show different degrees.
  4. Now many combinations are possible. But I have divided the price action since the 2008 top into 3 broad areas.
  5. The first blue box (from left) shows a possible 3-3-5 correction. The pink box in between shows a clear 3 wave structure trending up, suggesting that the main trend is still down or at best sideways.
  6. The last blue box shows part of another possible 3 wave corrective structure, may be another flat, or a triangle, only time will tell.
  7. But what is interesting is the sharp rally from Aug 2012. It looks like a 5 wave move, so once this consolidation is done with, we can expect another 5 wave move up. Some resistance may be expected at the down trend line. 
  8. So far the small consolidation have shown no clear pattern, so we must wait before it becomes clear that this short term correction is done with, to benefit from the second possible 5 wave move in this script.

4 comments:

  1. hello sir. Can you tell the possible downside target for Bhartiartl which is currently trading at 273.5? according to my count, a three wave correction is completed so the next 5 wave rally(as mentioned by you) should take Bhartiartl to the upper trendline. Also, i have doubt whether there is H&S pattern with downward sloping neckline developed in Bhartiartl. However, the two shoulders are not at the same level. What do you think sir?

    ReplyDelete
    Replies
    1. Here is the link - http://tradeelliottwave.blogspot.in/2013/04/bhartiartl-elliott-wave-update.html

      Regards

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