Thursday, July 1, 2010

DLF - Falling Wedge Breakout

DLF is showing a falling wedge breakout and a Bulkowski ugly bottom pattern. This indicates a target of 334 if the breakout is sustained. This view gets negated if the price falls back within the wedge. There is an even larger falling wedge that targets 418 but we can analyze that later.

RNRL in Symmetrical 4th Wave Triangle

Here's a simple explanation for a bullish view on RNRL. I have used Elliot Wave Analysis. Currently RNRL is in the 4th wave corrective and a symmetrical triangle. Once it breaks out it is likely to touch the previous significant top of 72. Once it crosses 72, several new targets open. In any case 61 is a strong support for RNRL. We see that the 3rd wave is almost equal to the first, which means that the 5th wave would be explosive reaching targets of even 95 and above.

KM

RECENT COMMENTS

Blog Archive