Sintex surprises

Published: Thu, 05/25/17

This mail is about Elliott Waves at work. The biggest loser today in F&O is Sintex, of course there is a de-merger in the company but still. We are close to the levels published in 2015. All in a days work. Will have to work out what the real change in values is given the demerger

Sintex - I am covering a new set of stocks today. Sintex is an old timer, Its recent top follows an ending diagonal. So something ended. Support is near 85 and 67 where the wedge up started.

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However the long term chart is even more disturbing. Two subsequent lower tops, Wave X at each high a complex bear market ends in wave Z down and we are in the last leg. But it can be a long way down in Z if it decides to test the low of Y [17 Rs] or the lower trendline at 12 Rs. Oops/Ouch. Somebody pinch me, I must be dreaming.

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