Sunday, March 3, 2013

HCLTECH UPMOVE DONE !

HCLTECH EOD CHART 

A five wave move seems to have ended.

The five waves are in the following ratio

W2 retraced about 80% of the W1 followed by W3 which went tad higher than 1.618% of W1 and W4 retraced 38.2% of W3. Wave 5 is an extended wave and the possible targets are 718 > >757 >>781.

Now take a look at internal wave structure of W5

W (ii) retraced 61.8% of the previous move and followed by the massive W(iii) which extended close to 400% the next wave W(iv) retraced merely 23% of W(iii). All these move gives us possible end point of W (v) as 731 at 261.8% of W(i) or at 736.5 if taken as per golden ratio.

Woila ! Present move seems to have met resistance at 736.6 for now.

W 5 is an extended wave hence we should get a fast retracement, taking the price close to 500 !  

Happy Trading !
SHEKHAR