Vertigo - All Over again

Published: Sun, 03/15/20

I think last months Long Short report was the most important one i wrote. So if you have missed it or not renewed your subscription and read it then you are missing out on what the markets are doing right now. The market is not a one way street but it appeared so for longer than ever. And I can vouch that most do not have the skill to deal with fast moving markets on both sides up and down and to change their market views on the drop of a hat when needed. But that is the skill set that is most needed right now. If it is not what you do then you will either keep a distance or follow these updates very closely. I can say that it is what I do and am good at. And that is the need of the hour.

So dont wait to read it.

But as always I will share some of my posts on the market that made sense in the previous week. And this time after long are a list of stocks that I wrote about just over a week ago. And as happens sometimes, things play out just as you blink.

The Truth About the Markets

Rohit Srivastava

Wipro

Wipro, longer term wave E maybe truncated as we did not touch the upper line. The move up in E is inside a nice channel and we are about to break that if as wave (c) maybe starting.

wipro 260220

A closer look shows wave (b) as a running triangle, and (c)=(a) goes down to 192. A break below 234 would only break the triangle but also the 40 month average as daily and weekly momentum [rate of change], is already in sell mode [as defined by a move below its own 9 day ema]. Yesterday I discussed the IT index and these stocks show the follow up in line with that.

wipro 260220a

Infosys

Infosys formed an ending diagonal last year, for a second time following the one it formed in 2015-2016. The last one did not result in a longer term top but ending patterns end a trend at the degree at which they develop. So pay attention. Today the daily Momentum crossed over to the sell side as prices also closed below the 20dma. This after a significant retracement rally that filled the gap down move, in what I have marked as an X wave. What could follow is wave Y down. W was a zig-zag so Y could also be a zigzag. The neckline for the pattern is at 625 and the look maybe of a Head and Shoulders set up. It would further confirm if wave Y breaks 625. 811 was the recent high made by the X wave that could be seen as an important resistance.

infosys 260220

Reliance Industries

Reworked wave count for RIL, the 5th wave is marked as truncated followed by A-B-C, then C=A is at 1275. Still room on the downside if that indicates anything for the market.

RIL 280220

Maruti

Maruti managed to 50% retracement of wave A in its bounce ending near the wave 4 of A and has been falling from their in a series of lower highs that we can attempt to mark as wave C down. Wave C should complete a 5 wave decline before it is done, and therefore if wave C down and started then C=A=4220 from the high near 7755. We are currently in wave 3 of C down. The near-term resistance is near 6500.

maruti 040320

TCS

TCS fell in 5 waves and is bouncing back. It is close to the 61.8% mark near 2135, and if this is wave B up then ideally prices should not go much above it. Wave C down is typically equal to A and C=A from 2135 would be at 1903

tcs 050320

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Rohit Srivastava
www.indiacharts.com
For accurate market analysis. Technical analysis is a study of past data to assess future probable outcomes. It is our endeavor to discuss high probability set ups for traders and investors in good faith. However this is not a solicitation to buy or sell stocks futures or options or any security. Trading in any financial market should be done with sound knowledge and the help of a qualified investment adviser. Stocks based on the Elliott wave model are based on the Fibonacci fractal of the market and momentum indicators, Levels are based on Fibonacci maths and are only indicative of what the mathematical model throws up. Readers may download the free Elliott Wave Calculator to do it themselves. This is not a research report. We are not investment advisors This is not a recommendation to buy/sell.
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