Elliot wave update1 : Infosys

Infosys Elliot wave view:

Elliot wave count from 3010-2827 i.e Wave 1

Elliot wave count from 2827-2999 i.e Wave 2

Elliot wave count from 2999 i.e Wave 3

In my last Elliot wave chart i have mentioned on Pattern Trading Facebook page that wave 2 finished. To find chart for the same Click here. I have removed bullish impulsive count as today's wave entered wave A area.Elliot wave count gave us early warning of what is coming. Today what we saw was powerful 3rd wave, heaven for any trader to be in. Infy was down 20%. As far as Elliot wave is concern it is suggesting that more downfall is there and this is just a start. Again my preferred count will change if Infy cross 2757. Trend line support now exist at 2280 and 2250. Today low was 2.61% of wave 1-2 and 400% of 1-2. More weakness below 2250.

If waves are not sub-diving and if it has found support at day low then wave 4 can target

0.2360	2426.1760
0.3820	2523.4120
0.5000	2602.0000
0.6180	2680.5880

Trend line resistance is at 2350 & 2425 and 5 month low ma is at 2470. 

Long term target for Infosys is 1611 considering A=C. All the bounce in this counter should be used to exit longs. 

So plan your trade accordingly. 

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Happy Trading. 

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All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.