- We might be tracing out a complex correction in Bharti.
- It might be a double three or a possible triangle.
- I have tried to mark the waves according to whether they are 3 wave or 5 wave structures. The colors show different degrees.
- Now many combinations are possible. But I have divided the price action since the 2008 top into 3 broad areas.
- 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.
- The last blue box shows part of another possible 3 wave corrective structure, may be another flat, or a triangle, only time will tell.
- 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.
- 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.
Monday, March 11, 2013
Bhartiartl - Elliott Wave Update
The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities mentioned. No representations can be made that the recommendations contained herein will be profitable or that they will not result in losses. Readers using the information contained herein are solely responsible for their actions. Information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on the theory of Technical Analysis and do not reflect the fundamental validity of the Scrip. All the content in this website is meant for educational and learning purpose only.