INDUSINDBANK

This stock is forming head and shoulder pattern on weekly time frame, that can be a big bearish ahead. Right now we are at mid. Bollinger on daily chart, at 20DMA once its break and close below 20DMA then that would be a trigger point, Overall wave structure is also suggesting corrective structure ahead, after completion of impulse waves, we are in corrective phase as a zig-zag pattern as a A-B-C, possibly wave A and B are completed and right now we are in wave C of zig-zag, which can subdivide into 5 waves, if wave A and C are going to be equal then we can see 670 to 675, and on upper side nearest swing high and RK's stop line of weekly and daily would be a hurdles to watch out for, which are pegged at 1029, 950 and 925.

Overall wave structure on weekly chart
istantanea

Reverse Divergence
istantanea

Corrective wave structure
istantanea

RK's Momentum sell signal activated
istantanea

Mass psychological cloud and rk's stop line both in sell mode
istantanea

Price at 20DMA, ready to break
istantanea

Head and shoulder chart pattern in weekly, yet neckline to break
istantanea

Macd in weekly already in negative mode
istantanea

Macd in daily is down tick and converging towards south, that too below zero line
istantanea

Rsi in weekly down tick below 50
istantanea

Rsi in daily down tick below 50
istantanea

Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!


Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
breakdowncorrectivestructureelliottwavecorrectionelliottwaveprojectionelliotwaveanalysiselliotwavecountTechnical IndicatorsindusindanalysisindusindbankindusindbksellTrend AnalysisWave Analysis

YouTube: youtube.com/@rk_charts
Telegram : t.me/RK_Charts
Twitter : @charts_rk
Email : rkcharts@gmail. com

Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Anche su:

Pubblicazioni correlate

Declinazione di responsabilità