A reader posted a comment on Bharat Forge in the wrong category and hence had to be removed from there. Here is what he wrote:
“BHARATFORGE CMP 353 UPMOVE IS OVER AT 370 , WILL COME DOWN TO 250 LEVELS. ANOTHER COPY BOOK PATTERN , PL HAVE A LOOK.”
I am not sure that 370 marks the end of the correction. Indeed, there is a reasonably good chance that this stock will remain bid for a tad longer, during which time it can retest prior highs.
Bharat Forge seems to be headed to 470. By simple observation, it seems to be in a A-B-C (3 wave) pattern from the lowest intraday point of 69.55 formed on 22/06/2009. At present it is just about completing Wave 1 inside larger Wave 5 of the Wave B pattern. Your comments Sir.
Could you please take a look at the wave structure of Reliance Industries? The ratios from the 2009 lows to the highs are perfect but I’m not able to get a handle of the move from 1267 (May 09 high) to current levels. Is it a highly complex 4th wave or was the move from May 09 low to 1267 just a corrective rise given that it ended at 2/3rd retracement? I’m sure this is a challenging and interesting chart from Elliott wave perspective. Hope to have your views.
Hi BJ, It is going to take me some time to analyse Reliance. But I can immediately say that we should not be long this stock for now. We will get a downmove of atleast 10%. Sell any recovery to 900 levels and wait.
Just to inform you that I have covered my shorts @ 266 today .I trade with my charts & gut feel and I am not a big fan of keeping short term small Stop Loss .
Prerna, Well done. People all have different trading styles and risk appetite.
As forecast-ed by you on 20.04.2011 the stock has reached 256 and it may reach your target 250 i think. Well done. Your forecast on many stocks like tatasteel are reaching its target
The target of 250 was given by me and I also mentioned that I covered my shorts @ 266.I thank Ramki for publishing my post although our views did not match.