GLOBAL MARKETS

Hi Friends,

Lets look at the Global Markets which are Ready for a Long Term Trend Change.

DJIA

DJIA

As mentioned in my previous post DJIA seems to be in Expanding Pattern. The Rally from 2009 Lows looks a Corrective Rally and not a Directional move or Impulse.

The Rally seems to be in its final phase with Intermediate Degree (Y) in play. DJIA has Strong Resistance near 16100-200 and upside looks limited. Break below 15300 will indicate medium term trend change. And break below 13670 will invite a huge downside back to 2009 Lows.


DAX

DAX

As mentioned in my previous post Germany DAX seems to be in huge sideways pattern since 2000. Currently it seems to be in Cycle Degree Wave 'D'. With Z underway inside(Y).

DAX seems to in final leg of Z and upside looks limited to 9300. Close below 8500 will be Indication of a next leg downward in Cycle Degree 'E' Wave which could take the Index towards 5000.


FTSE 100

FTSE 100

 As mentioned in my previous post FTSE 100 seems to be in huge sideways pattern since 2000. Currently it seem to have completed Cycle Degree Wave 'D' With Intermediate Degree (Y) seems to be complete at 6875. 

FTSE 100 may not have much upside potential above 6800 in wave 2. Break below 6600 would be initial indication of start of minute degree wave 3. Close below 6300 will be confirmation of a next leg downward in Cycle Degree 'E' Wave which could take the Index towards 3800.

Thanks & Regards,

Harsh Dixit.

STOCKS - EW COUNTS

Hi Friends,

Today I'm Posting my Wave counts on Few Stocks which might be ready for medium to long term Trend Reversal. 

ACC

ACC

ACC formed Head & Shoulder pattern. After break down the stock retested the neckline, which seems to be wave B Pullback. It is expected to decline in wave C to 700 to complete the head target.

ASIAN PAINTS

ASIAN PAINTS

Stock seem to have completed extended wave 3 near 560. It formed an Ending Diagonal in (v)th wave. Move below 520 may signal start of next leg down. Stock may drop to 340 or even 250 in wave 4 down.

AXIS BANK

AXIS BANK

Axis Bank seem to have completed pullback in wave 2 or B up near 1260. The stock closed below short term EMA supports. Move below 1160 would signal start of next leg down. As per wave equality stock may drop to 490 in wave 3 or C down till March 2014.


HDFC BANK

HDFC BANK

HDFC Bank seem to have completed pullback in wave 2 or B up near 690. The stock closed below short term EMA & Channel supports. Move below 655 would signal start of next leg down. As per wave equality stock may drop to 490 in wave 3 or C down till March 2014.


HDFC LTD

HDFC LTD

HDFC LTD seem to have completed pullback in wave X uo near 865. The stock closed below short term EMA support. Move below 815 would signal start of next leg down. As per wave equality stock may drop to 570 in wave Y down till March 2014.

ICICI BANK

ICICI BANK

ICICI Bank seem to have completed pullback in wave 2 or B up near 1140. The stock closed below short term EMA supports. Move below 1000 would signal start of next leg down. As per wave equality stock may drop to 660 in wave 3 or C till March 2014.


DR REDDY

DR REDDY

Stock seem to have completed wave 5 near 2500. It formed an Ending Diagonal in (v)th wave. Move below 2350 may signal start of next leg down. Stock may drop to 1600 in next wave down.


TATA MOTORS

TATA MOTORS

Tata Motors has formed huge weekly Ending Diagonal Pattern.. The pattern seems to be complete near 400.  Move below 370 would signal a start of huge correction. Stock may drop to 210-180 in next 12-15 months.


Thanks & Regards,

Harsh Dixit.

INDIAN INDICES

Hi Friends,

Today I'm Posting my Wave Counts on Few Indices which might be ready for Huge Trend Reversal.

NIFTY

NIFTY

As mentioned in my previous post Nifty seem to be in Huge Ending Structure from Last 2 years from 4531. Whether Ending Diagonal or Complex Correction the labels don't matter until we know its just a Corrective Rally. Currently it seems to be in (E) or (Z) wave of this Structure. And this Rally is about to die.

As per my reading Nifty is close to completing final 'e' leg of this Final (E) or (Z) wave which might end near 6355.  As mentioned in my previous post we achieved the target of 6334 till Nov 1st week i.e. till Diwali. The upside from here looks very limited and Nifty may face stiff Resistance at 6355-6420. Upside if any shall be used to exit longs. Strictly avoid fresh longs at current levels. 

Post completion of this Ending Structure we might witness a Huge Downside back to 4500/4000 or lower in a year ahead. Whenever we get the evidence of the end of this move I would be looking for immediate downside to 5690 till 1st week of Dec 2013 and 5090 till Jan 2014 and 4760 till March 2014.

BANK NIFTY

BANK-NIFTY

After testing the Life Time Highs in May 2013 near 13400 Bank-Nifty fell sharply almost back to 2011 lows near 8400. It's a clear 5 wave decline which might be marked as wave 1 or A. Currently Bank-Nifty is close to completing wave 2 or B and may face resistance at 11800. Post completion of this corrective pullback it is expected to resume the down trend. As per wave equality Bank-Nifty may Fall upto 6700 in wave 3 or C till March 2014.


BSE AUTO INDEX

BSE AUTO INDEX

BSE Auto Index is at Life Time Highs. However, The Rally from 2011 lows lacks the characteristics of an Impulse. Index seems to be in Expanding Formation. Where X wave retraced more than 1.618 of W. Currently X wave seems to be in completion and has limited upside to 12400. Post Completion Index may Decline in Y wave down back to 2011 lows near 8000.

BSE HEALTHCARE INDEX

BSE HEALTHCARE INDEX

Index making New Highs week over weeks. However, RSI Negative Divergence is suggesting Possible Trend Change. Investors may get shock in next wave down. Index may drop to 7680 in a year ahead.


Thanks & Regards,

Harsh Dixit.