Larsen And Toubro - Latest Elliott Wave Insight

Published: Sat, 04/29/17

     

Dear Members,

29 APRIL 2017 

Larsen and Toubro is a popular stock and has been in coverage in the short term trends updates. The latest post was put out yesterday. So here are the three Updates over the last 6 months that mapped the developing pattern. EW forms the basis of market forecasting but it requires complete TA to execute an opinion. It is essential that anyone investing or trading learn to use basic tools like Trendlines Moving averages and Swing high/low and any one momentum indicator of preference to execute a plan. Then EW becomes your best associate in anticipating trends. Execution is best self taught. Expecting to be spoon fed calls/tips puts the onus of learning and doing it right on someone else. Just do it!



Larsen

Larsen has consolidated on weekly charts and broke out of the falling trendline from the highs. I have had to rethink my entire wave count and consider bullish alaternates. Breakout is above 1485. Implications are to move up to the upper Bollinger band at 1585 initially. If we push beyond that then the rising channel upper end resistances are at 1700 and 1850. 

larsen-211016


Larsen

L&T - has corrected a bit recently but the trend remains up. Prices are progressing in a larger wave C advance. Wave C is an impulse meaning that it divides into 5 waves. So far waves 1 and 2 are complete. Support is near the 1455 [40dema]. While wave C can go to the upper end of the rising channel near the blue line at 1900. Wave 3 of C can extend to where 3=1 at 1700.

larsen-060317


Larsen

In my last post on Larsen I indicated that C=A larger degree goes to 1900. So far wave C is close to completing wave 3. Wave 4 may not go significantly below 1650 or the 40dema. Wave 5 then should eventually achieve that fractal level. So Larsen may remain an out performer a while longer.

larsen-280417

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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess
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knowledge and the help of a qualified investment adviser. Stocks based on the Elliott
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targets are based on Fibonacci maths and are only indicative of what the mathematical
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