HDFCBANK : EILLOTWAVE COUNTS AND DIRECTIONAL MOVEMENT INDICATOR
HDFCBANK: Eillot wave counts are as seen in the chart. The implusive wave starts from 738.75 and completes at 1721.90 . Since than we observing corrective waves of smaller and higher degree. The corrective wave pattern is a flat, where wave a and wave b are complete and the wave c in in progression.
The most recent fall from the peak is implusive and so longs need to be cautious.
So long the resistance at 1721.90 ++ is not taken away the chart indicates caution to the bulls.
The FIBO retracement from 738.75 to the peak of the 5th wave shows interesting levels on the charts.
The Directional Movement Indicator is made up of DMI+ , DMI- and ADX . The DMI+ is the bluse line that reflects the most recent strenght in the price however the ADX that reflects the strength in the trends fails to confirm and remains quiet for the time been. ADX below both the line indicates lack of interest in the price movement.
The most recent fall from the peak is implusive and so longs need to be cautious.
So long the resistance at 1721.90 ++ is not taken away the chart indicates caution to the bulls.
The FIBO retracement from 738.75 to the peak of the 5th wave shows interesting levels on the charts.
The Directional Movement Indicator is made up of DMI+ , DMI- and ADX . The DMI+ is the bluse line that reflects the most recent strenght in the price however the ADX that reflects the strength in the trends fails to confirm and remains quiet for the time been. ADX below both the line indicates lack of interest in the price movement.