Charts for the Day

[NANDAMAD]

Anil sir or anybody can you please explain what ABC or 123 correction in detail.
Better if anyother than Anil sir explains. Save him from too many questions.

 

[karthik_sri]

Anil sir or anybody can you please explain what ABC or 123 correction in detail.
Better if anyother than Anil sir explains. Save him from too many questions.

chk the below...

https://www.google.co.in/url?sa=t&r...Ydg8qKH26RJOF7xsFmCICQ&bvm=bv.121070826,d.c2E

http://thepatternsite.com/abc.html

 

[anil_s_trivedi]

Anil sir or anybody can you please explain what ABC or 123 correction in detail.
Better if anyother than Anil sir explains. Save him from too many questions.

Dear Nandamad,

abc is terminology used by elliott wave followers for 3-wave rise or Fall...while 123 is a pattern and if i am not wrong it is originated by Mark crisp...

Both are different thing...abc is use to infer end of correction and start of previous impulse move...while 123 is a setup once get after trend gets change...

Any pattern has probability of success or fail...You need to adapt it to your requirement...Is it suitable for you/your type of trading..?? is the basic thing you only can answer...

----

123 marked in voltas chart during Jan-2016 is incorrect...as lows of '3' is below '1'

 

[anil_s_trivedi]

Dear Nandamad,

abc is terminology used by elliott wave followers for 3-wave rise or Fall...while 123 is a pattern and if i am not wrong it is originated by Mark crisp...

Both are different thing...abc is use to infer end of correction and start of previous impulse move...while 123 is a setup once get after trend gets change...

Any pattern has probability of success or fail...You need to adapt it to your requirement...Is it suitable for you/your type of trading..?? is the basic thing you only can answer...

----

123 marked in voltas chart during Jan-2016 is incorrect...as lows of '3' is below '1'

Spotting 123 with Zig-Zag...

 

[karthik_sri]

Spotting 123 with Zig-Zag...

Thanks....:clap::clap:

 

[NANDAMAD]

sir attaching tatasteel 1 hr and 15 min charts. can we call them flat corrrection? Is this tradable? concentrating on only one script to learn.




http://imgur.com/43Y9pn6

http://imgur.com/fJKGx9a

 

[ap*]

Spotting 123 with Zig-Zag...

Very simple and clear way of looking at the charts. A must follow for any new or aspiring trader. I like charts with the least noise possible and shun most indicators and trust Supports and resistance more than anything else. Thank you for this wonderful thread and your views shared.

 

[anil_s_trivedi]

sir attaching tatasteel 1 hr and 15 min charts. can we call them flat corrrection? Is this tradable? concentrating on only one script to learn.




http://imgur.com/43Y9pn6

http://imgur.com/fJKGx9a

Dear Nandamad,

Yes looking like a flat going on...it can be also labelled as flag formation...
Plain reading tells, weak on intraday below 348 zone...positional weakness below closing below 340 zone...

 

[anil_s_trivedi]

Dear Rangarajanji,

Ashok leyland is in uptrend and ICICI bank too now in uptrend on daily...

Ashok leyland:

Stock breaking out of 7-month rectangle consolidation formation with volume...crucial support of stock placed at 98 zone...Daily -ve divergence effect resulted in stock correction, and this leg is more longer, so indicating probably a 3-wave correction may be in place...where a rise will take place and then another fall towards..100-102...

For aggressive players long will come above 108.6 closing and stop below 102 zone...For conservative best to go long at 100-102 with 98 SL on closing basis...


ICICI Bank:

Again here stock in uptrend on daily, breaking the expanding pattern, with volumes...if i see hourly chart, support at 247.25 zone...sustaining below this can test towards 238-240 zone...Or else support at 247 can test upside at 260 zone...

on daily chart crucial support at 225 zone...stock moving in gaps, a sign of strength...for aggressive players, its in hourly sell zone, strength on hourly only above 252.3-252.5 zone...

conservative long can be attempted only near 230 zone...

Ashok leyland is behaving as per analysis,now testing support zone of 100-102...and yes 98 is a support zone...

ICICI bank is breaking support zone and going down wildly...This stock just fooled a supports...only thing is it never gave hourly buy signal once it has given sell at top...Rest its a loss trade...if taken at supports...

 

[anil_s_trivedi]

Hindalco:

As expected 105 was a strong resistance zone and longs at those levels was a strict 'No'...
Todays low 90.65 now moving into support zone of 85-88...


Indigo:

Stock still in midway...and didnt get into either at support nor tested Resistance as of now...