Riding a trend with Elliott waves in UjjivanJan 28, 2021
Its easy to join a trend when you have high conviction that the trend is going to continue. Wave theory gives the additional forecasting ability so that we can use it to the best advantage in trading.
We had mentioned about the Ujjivan in our daily equity report wherein we were expecting the downtrend to continue . You can see for yourself about the analysis.
UJJIVAN 60 mins chart as sent to our equity report client on 21st January 2021:
Ujjivan tanked for the second consecutive day. In the previous trading session it lost 3.93% and closed at 270.25. .
On the daily chart, we can see that there has been no single close above the prior day’s high since last nine trading session and only a close above prior bar’s high would indicate a pause in the down move. In the previous price closed below the 50 EMA which was acting as a good support since November so short term bias is now bearish.
As shown Hourly chart, currently wave (x) (red) is ongoing on the downside since the last rising segment is not yet taken out in faster time. 35 hour EMA is currently acting as a good resistance level. The fall in the previous session was very steep hence we expect a pullback which can be used as a shorting opportunity as long as price trades below 35 EMA.
In short, Ujjivan seems to be negative. Use pullback as shorting opportunity for a move towards 256 as long as 285 holds on the upside.
Happened : Ujjuvan 60 min chart as of 28th January 2021:
Ujjivan broke down further and made a low near 246 levels as of 28th January 2021 and precisely moved as we forecasted in our equity report using Elliott wave.
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