Saturday, 30 March 2013

Elliot wave update : Infosys

Infosys Elliot wave view:

Infy 15 min Elliot wave count:

From 3499 high of Jan 2011 to July low of 2100 I have marked it as wave A in my chart. Recent high of 3010 is almost 61.8% retracement of Wave A .   It’s a clear 5-3-5 zig zag in wave B  

 From 3010 to 2828, Infosys has impulsive structure and 5 waves can be clearly seen in 15 min charts. Target for wave 2 is 2900, 2920 and 2940.  I have to think over my preference count marked in charts above 3010 … 

Traditional View:

5 Week close sma is at 2902 and trend line resistance is at 2910.  5 week high sma is at 2950 (~61.8 % retrace).On the downside support is at 2820.  It is consolidating between  2820-2910. On upside targets are 2950 and 3010. On downside target is 2740.

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Happy Trading. 


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