- Elliott Waves
- Elliott Waves Explained
- Elliott Wave Magic Illustrated with Wave Charts
- Elliott Wave Edge – How Elliott Wave Traders Win
- Fibonacci Number Series and Elliott Waves
- How to use Fibonacci Ratio Retracements
- Elliott Wave Books
- Ramki’s Watchlist
When Tata Tea reached the 430 level a few days back, it was clearly time to buy. Not only was the overall market in an oversold condition, this particular stock had reached a 123.6% Fibonacci projection of its previous large decline. From the 430 area, we have already seen over 30% gain, and it is natural to start wondering where we will run into some profit taking.
Sometimes we celebrate too soon. I could be faulted for that vanity quite soon. But the signs are all there. A recovery to very near the resistance at $940 folowed by a $90 drop in a single session can only suggest that (a) there are no fresh buyers out there and (b) some people are actually selling even in the face of continuing troubles in the global financial markets. How else can you explain the gaps!