SAIL steel author India possible Elliot wave counts

2022年11月18日

Trend indicator macd for SAIL is turned negative now on daily time frame, also with price closed below 20DMA along with follow up seen in today's session,
price retraced up to 50% Fibonacci level of recent fall and turned back towards south. Also, possible Elliot wave counts are suggesting correction is pending ahead, if our counts are going correct then price can unfold wave C of wave Y of wave 2, then we can assume for target of 50 where wave C would be equal to wave A, fingers crossed, on the way upside 88 is an invalidation level for current view.

Possible wave counts on daily chart


Retraced 50% of recent fall


Price closed below 20DMA with followed up


Weekly upper band pressuring down, once it close below 20WMA then more bearish


20WMA is now crucial support level, once it breaks then more bearish


MACD in daily negative crossover


RSI in daily is down tick and below 50


RSI in hourly is below 40


Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!

Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.