Bullish 3 Drive Pattern in ICICI Bank - 11th Aug 09

ICICI Bank Chart - 5 mins:

Bullish 3 Drive pattern is formed in ICICI Bank, Convergence of Fibonacci ratio is at 711. Little variance in the symmetry is visible. Fibonacci ratios are good. 3 Drive pattern is a reversal pattern it generally forms at the important reversals. Watch out for the entry signals to enter the long trade.

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Update at 10:05 AM:

It broke the 711 in the opening it self , hence no trade.

Update: Bearish Wolfe Wave in ICICI bank

Update on Bearish Wolfe Wave in ICICI bank. Target is reached for this, as i was busy in keeping some orders. Posted it late, sorry.
Will update the chart soon.

Update at 2:50PM:

It formed a long legged hammer at the target which is giving support. Below is the chart of ICICI bank in 5 min time frame:

Bearish Wolfe Wave in ICICI bank

Bearish Wolfe Wave in ICICI Bank. Below is the 5 min Chart of ICICI bank

Update: Channels in RelCap, Tata Steel & ICICI

Update on Channels in RelCap, Tata Steel & ICICI posted on 28 may

Tata Steel: Reached the target today at around 12:00 noon, booked handsome profits :) Below is the updated chart:

Reliance Capital: It attempted twice to break yesterday's high with low volumes, but couldn't succeed, which is clear week signal for longs. So I stopped out at pivot low break, with marginal profits. Below is the updated chart of Relcap:

ICICI Bank: It moved up nicely, though volumes were on lower side. while moving up it was consolidated in sideways and gave break out with good volumes twice. During the down moves, there wernt any big volumes. I exited this as I don't want to hold my position over the weekend. Below is the updated chart of ICICI Bank:

Update: Channels in RelCap, Tata Steel & ICICI

Update on Channels in RelCap, Tata Steel & ICICI posted yesterday:

Tata Steel: Gave a breakout with wide spread and big volumes, triggering longs. Retested the channel resistance twice successfully, which is good. Hold longs with the stop loss below Rs.366 - Filter.

Reliance Capital: Also gave a breakout with wide spread and big volumes, triggering longs. But, after that it formed a Lower-High pivot and broke down back into the channel, threatening the up move! Hold longs with strict stop loss (Choose your pick for stop loss depending up on the risk appetite as shown in the below chart)

ICICI Bank: Also gave a breakout with wide spread and good volumes, triggering longs, but later on after the first successful retest it started moving sideways forming candlestick dojis with high volumes indicating the selling pressure. Hold with stop loss (first stop loss is below pivot low and second stop loss is just below the gap, as gap gives good support. Choose the stop loss depending up on the risk appetite) below is the 5 min chart:

Channels Waiting for Break Out / Break Down

After the spectacular move on 18th March, most of the stocks entered a trading range. Here are some of those Channels that are likely to be broken up or down

Tata Steel

Reliance Capital

ICICI Bank