Kotakbank is going to give a big deeper correction towards 950 levels. I would keep a stoploss at 1360 and short Kotakbank at current levels or if it goes little higher.
Happy Trading!
Siraj Hudda
www.wavetradingacademy.com
On hourly chart, it is been observed that the price action forms bearish Pin-Bar pattern that indicates rejection of higher prices and weakness. It also states that there is high selling pressure from sellers that shall take the price down. It is also important to note that there is a GAP on hourly chart that shall be filled during the weakness. Therefore, it will...
It is interesting to watch the price action forming a leading triangle as it can represent a new Wave 1 after a all time high breakout. This chart pattern is generally known as continuation trend pattern and subdivides wave structure in 3-3-3-3-3-3 that indicates consolidation between buyers and seller to move prices.
The breakout from here on will define trend...
As per the Elliott Waves, After Kotak breaking out from the all time high prices, now it has corrected with ABC correction. It is an ideal time to get in the trade and target for 780 levels.
Go Long.
Currently, the price action of this one has broken all time high at range of 734-744, now after a breakout it has made a doji candlestick on the previous resistance range and made it a new support (In case, the price action goes below the new support range then it might be called as a false breakout) and I believe the price action of buyers will take the price...
It is moving within the trend line for a while and now it has touched the resistance trend line, which indicates a reversal.
Situation two key points,
1. Overbought AO ( reversal indicator)
2. Bearish Cypher pattern completion at trend line
