Multibagger stock for trading using Elliott wave!

elliott wave fibonacci multibagger Dec 19, 2023

Multibagger stock for trading using Elliott wave!

Elliott wave is a simple yet powerful technique to form a good trading setup!

It is important to understand this concept properly before trading or investing. If applied prudently with proper understanding it is very much possible to take investment or trading decisions right from the smallest time frame for Intraday trading to long-term charts for investment decisions.

See below research how we have derived path ahead for SHYAMMETL which is picked up from our "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.

SHYAMMETL Daily chart path ahead SHYAMMETL is trading at the fresh record high. In the previous session, stock closed with a gain of 0.51%. Stock is moving up by following classic Elliott wave theory. Currently Primary wave 3 is ongoing on the upside. As per guidelines wave 3 is the strongest one. Primary wave 2 got completed near 422 levels and since then we witnessed a rise of more than 27%.

In this entire rise base line(red) of the Ichimoku cloud has acted as a support cushion to prices. So, one can continue to go long as long as prices holds and stays above the base line which is near 492 levels. KST is suggesting that good momentum is likely to continue in this stock.

In short, outlook for SHYAMMETL is positive. Use buy on dips approach to ride the trend with the targets of 560-565 as long as 492 holds on the downside.

So, one can easily form trade setups or can derive path using Elliott wave, Fibonacci and KST! It works brilliantly if one combines it together.

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