SALASAR: How to catch BIG move using simple Price Action using Elliott wave!Dec 21, 2022
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While trading the market it is important to understand the behaviour of the market. Using price action along with simple Elliott wave theory we can predict price moves in stock with high accuracy. Check out how we recently identified one such breakout in SALASAR
We published SALASAR analysis in "The Financial Waves Short Term Update" on 2nd December which our subscribers receive pre-market every day. Check out below the detailed research report that we published.
SALASAR Weekly chart as on 2nd December 2022: (Anticipated)
Wave analysis as on 2nd December 2022:
On the weekly chart, in the previous session prices formed a bullish candle. A weekly close above 37.20 will confirm the breakout of the cup and handle pattern. We have shown the ADX indicator which gives an indication if the stock is trending or in a trading range. The low readings of ADX indicate that the stock is in a range. The ADX of this stock is 38.31 giving an indication of a trending market. A reading above 25 means strong directional strength.
In short, trend for this stock is positive. Use dips towards 38-38.30 as a buying opportunity for a move towards 42.5-43 levels as long as 37 holds on the downside.
SALASAR Weekly chart as on 21st December 2022: (Happened)
The stock moved as we expected. SALASAR have given breakout of Cup and Handle pattern with huge volume followed by simple Elliott wave theory helped us to catch this big move in such a choppy market. The stock has achieved our target and made high of 58.50 which is more than 53% within short span of time.
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