Get started

Ashokleyview

Analysis for Ashok Leyland Price has formed a Fresh Monthly Supply which is a Source We have a fresh Quarterly Demand which is a Destination for the downtrend. We have divided the Supply to Demand Equilibrium into 5 parts giving us an understanding of where are we on the Curve. Price reacted to the Monthly Source Supply and has violated its previous low which confirms the momentum in the downward direction. Now we have a fresh Supply formed in Weekly chart which is a trade Supply. This a Short position for Reward of 3 against risk of 1.
NSE:ASHOKLEYShort
by WavesandZones
{ASHOK LEYLAND}:[{USING ELLIOT WAVE NOMENCLATURE}] WAVE 1 : Wave 1 can be either a 5 Wave Sequence structure or a 3 Wave Sequence structure as well, but a 3 Wave Sequence comprises of two 5 Wave Impulse structure hence when Wave 1 is a 3 Wave Impulse WAVE 3 is supposedly way bigger than WAVE 1.(In the above pic also we see WAVE 1 is a 3 Wave Impulse structure.) Let's Move to WAVE 2 . . . WAVE 2 : Wave 2 and or Wave 4 both are formed in one timeframe lower to the timeframe in which Impulse is formed, as correction structures have less volume than the Impulses hence we can have a clearer picture in one timeframe lower to the one in which Impulse is formed. Similarly we have a 3 Wave Correction structure in 3 Months chart which defines WAVE 2 a simple correction structure. Wave 2 is typically 50%, 61.8%, 76.4%, or 85.4% of wave 1.(When we have a 3 Wave Impulse in Wave 1 it shoots from 50% due to more power as there is a double Impulse) WAVE 3 : Wave 3 is what brings us all to the table; the wave every trader wants to surf . . . Here's ur chance, We have checked that Price has retraced 50% of the Wave 1 as per Fibonacci Retracement tool. Similarly we can find out the Target of Wave 3 using Fibonacci Extension tool as follows.
NSE:ASHOKLEYLong
by WavesandZones