Few Scrips of interest - 07 sep 09

List of the scrips which took support from the Fibonacci levels on last Friday. Posting this for study purpose.

• RelCap took support from 61.8% it may move up to 944.
• Relinfra took support from 61.8% it may move up to 1215.
• DLF took support from 50%, it has a good chances of moving up to 455/488/518 levels.
• GMR Infra took support from 61.8% and it may move up to 152 levels.
• HDIL took support from 61.8% and it may move up to 349 levels.
• HCC took support from 78.6% and it may move up to 117 levels.

Theory is after formation of "ABC" one can trade towards the target "D" in ABCD pattern. But here the levels are involved with only one Fibonacci level, the probability of reaching the targets is less.

Most of them showed bullishness from the Fibonacci levels, and volumes after the reversal are also good.

ABCD Pattern in HDIL - 10th July 09

ABCD Pattern in HDIL, also there is possibility of inverted head and shoulders. Will update if the Head and shoulders pattern completes.
Below is the 30 min chart:

Update: HDIL Wolfe Wave

Update on HDIL Wolfe Wave, target reached for this.

It formed a candlestick hammer at the target which is giving support at present. But can't see the increased volumes yet, may expect some more down move if that hammer is taken down. Below is the 5 min chart attached.

Update at 5:00PM: 

Hdil formed hammer at the target line, price moved up with lower volumes reperesenting a automatic rally. Later price dropped swiftly after breaking the hammer low. Below is the 5 min chart of HDIL

Update: HDIL Wolfe Wave

Update on HDIL Wolfe Wave posted earlier: Below is the updated chart.

As you can see, went short below the point marked and covered before closing bell as my trade was in cash. Also its a weekend, remember?

Booked 3.07% profit !!

Update: HDIL Wolfe Wave

Continuation to post HDIL: Channel embedding a Wolfe Wave embedding an ABCD

Risky trade as its against main market trend. Watch out for exit signals.

HDIL: Channel embedding a Wolfe Wave embedding an ABCD

This is a very interesting chart of HDIL, in 15 minutes time frame:

Channel:

• Follow the Aqua coloured (almost) parallel lines are forming a channel
  
• Draining volumes during this period show consolidation and support the channel
  

Bearish Wolfe Wave:

• Follow the 1-2-3-4-5 marked in Aqua background, forming a Wolfe Wave
  
• Good symetry is displayed
  
• Supportive volumes at point 5

Bearish ABCD:

• Follow the A-B-C-D marked in Yellow background, forming ABCD
  
• Fib ratios are acceptable, avoided on the chart for clarity
  
• Lookout for a bearish signal at the D point. If not, WW above can be treated as a bearish signal for ABCD entry

Conclusion:
All in all, a nice chart with 3 patterns compressed into a single time frame. Because of the Bearish Wolfe Wave and Bearish ABCD, I will be very cautious to enter longs on channel break out. Will go short on an entry signal, possibly during 1st 30 mins of trading day tomorrow. Will try to update entry and stops when I take the trade tomorrow morning, watch out this space.