DLF is one of the stocks which closely follow Nifty 50 index movement. So at times it is difficult to tap the move of this stock. We have been bullish on this stock when it reversed making a low near 150 levels. The accuracy of riding the trend increases when more than one technical studies points towards similar direction.
We have been able to identify swings using Fibonacci series along with Elliot wave counts. Below are the charts showing detail analysis on DLF hourly chart.
DLF 60 mins chart:(Anticipated as on 09th November, 2018)
DLF 60 mins chart:(Happened as on 21st November, 2018)
Elliot Wave analysis published as on 09th of November, 2018
Anticipated: In the previous session, DLF did not show any significant move as it traded sideways which has been the case since the past two sessions, but closed the day in the red losing nearly 0.70%. As shown on hourly chart, prices are currently forming complex corrective pattern of which wave b looks to be ongoing. Post completion of wave b one push on upside in form of wave c can be seen towards 180 levels. In short, like most of the stocks. DLF is also moving in a range. Close above 175 might drive stock towards 180 levels over short term. It is better to derive small trades over next few days as the best of the up move might be behind us. BANG ON!!!
Elliot Wave analysis published on 22nd of November, 2018
As shown on hourly chart, prices are moving within the blue channel and bounced back from the support trendline. Wave b of Complex Correction pattern is completed and wave c is ongoing on the upside. We can expect some dips towards 178 which can be used as a buying opportunity expecting a move towards …………levels which is 76.4% extension of wave a. The Exponential Moving Average is providing a good support over the short term so as long as 170 remains intact on the downside the trend remains positive.
In short, trend DLF remains positive and dips towards ………………..
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