Federal Bank : How to catch a big move using Elliott wave and simple indicatorSep 06, 2022
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Elliott wave help us to navigate the trend of the market. Federal Bank has continued to be showing strong up move over past few sessions. It has worked out well especially if you know how to apply Elliott wave along with technical indicator.
We published the following article on Federal Bank pre-market on 1st September 2022 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.
Federal Bank Hourly chart as on 1st September 2022 (Anticipated):
Federal Bank Hourly chart as on 5th September 2022 (Happened):
Wave Analysis as we published on 1st September 2022:
On the hourly chart, we have applied Parabolic Sar dotted line has formed below the price which suggest that short term bias is likely to remain bearish. As per wave perspective, wave c is ongoing on the upside.
In nutshell, Federal Bank looks sideways to bullish. Any move above 118 can lift the price higher towards 122 as long as 114 holds on the downside.
We can see that wave count have helped us to find out the trend reversal for Federal Bank well in advance. After completing wave b near 108 levels we had mentioned possibility of up move in form of wave c and the stock moved as we expected. After publishing the report, within three trading sessions, the stock has made the high of 129.55 levels giving more than 9% move. In such a range bound market, the stock is holding well and trading near its all-time high. This early move can be easily identified using wave theory.
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