Nifty - Flag and Pole?

A thought had crossed my mind when we saw the rise from 4960 to 5360 - is this a flag and pole? The rise looked like an impulsive third wave [3rd of III], so it follows that the slow downard movement had to be a corrective. It is indeed behaving very much like a 4th wave in progress. However, if this is a flag-and-pole then it is saying that the target for Nifty is 5600. Only a break of the upper trendline of the down channel would make things certain. Until then it would be trading within the channel. The max downside for the short term is 5100, where the wave 1 [1 of III] ended.

Hindustan Oil Exploration - Bullish Trend

Today, Hindustan Oil Exploration (HINDOILEXP) caught my attention. The stock is in a bullish trend. Some significant technical formations are in view. Look at the up (green) bars: The volumes on bullish bars pierces through the 15-day moving average of the volume. On the same days, the price range are expansive in nature. On the down (red) days, the volume is restricted within the 15-day moving average. On the same bars, the price range is contracting. The trendline clearly shows an upwardly moving.

Hind Oil Exploration is showing that huge purchases are being made while the sales are being done by weak hands. Each dip is being strongly supported. Thus there is tremendous buying interest. I think the stock would continue moving toward its previous highs of 262 and 282 over the next few weeks.

RNRL - Symmetrical Triangle Failure

Well, who am I to battle the management and they can do some real dodgy stuff. Like have board meetings on Sunday and come up with such adverse decisions that can shave off 30 percent of a stock's value in a day.

RNRL shareholders would get 1 Reliance Power share for every 4 shares held, thus valuing the share at Rs 43. So RNRL falls and the symmetrical triangle fails. Wave 4 also penetrates Wave 1 negating any impulsive intention of RNRL. So, what was looking at as Wave 1 has now become a corrective, and the expectation is that RNRL would move in a consolidated B ranging between 51 and 45.

RNRL - Symmetrical Triangle Break False or Real?

I am asking myself this question. Symmetrical triangles take a long time to complete and are replete with false breakouts. Friday was a late selloff in RNRL, with rumors about a 4 for 1 merger with RPL, causing the stock to close at Rs 63. As this is being posted, a meeting of both boards is in progress to consider the merger and decide the ratio.

So, will it be that Monday this fall would a proven false breakout or would it be a failure of a bullish symmetrical triangle. I have seldom seen stocks fail in their 4th waves. It is usually in the 3rd wave of the 5ths that stocks fail to reach their full potential.