Elliott Wave theory suggests that stock prices move in clear trends. These trends can be classifi ed in two parts i.e. A. Dominant trend (Five wave pattern) B. Corrective trend (Three wave pattern) A. Dominant Trend (Five wave pattern) Basically Dominant Trend consists of fi ve waves. These fi ve waves can be in either
Read MoreLICHSGFIN: Sell at around 610 stop loss at 620 for the minimum target of 560. Time:10-15 days. LICHSGFIN has formed the head and shoulder pattern on the daily charts which resembles the sellers taking the command on the price. Also on weekly charts prices formed a descending triangle which has already broken below 610 levels.
Read MoreA Head and Shoulder pattern formation in a prevailing bullish trend is a sign of reversal or at least a temporary sell off as its basically a reversal formation of the existing trend. Why I am suggesting a temporary sell off ? Because in technical analysis if we observe any price pattern which is in
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