Monday, July 30, 2012

Heromoto - Elliott Wave Analysis

This is a weekly chart of Heromoto, I am trying to label an ending diagonal pattern. There is a possibility of a last rally (dying gasp) in Nifty, and the same could translate in Heromoto as the last leg of the ED pattern. We know that ED patterns precede violent reversals in prices. Earlier I had posted a bullish view on Heromoto, but subsequent developments in prices have tilted my balance towards bearish possibilities. Once this ED completes we may see sharp reversal, and the complete potential for this correction ranges from 940-550. This count is on a very big fractal, so the price moves may take myriad ways to reach the targets, the prudent thing is to keep the big picture in mind, but follow the prices on smaller fractals.

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