IDFC: Expanding and Contracting Diametric

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IDFC is moving in a positive direction from  March 2016. As of now it has protected the upward sloping blue line which is drawn from the bottom of March till date. I strongly believe that the trend lines are always meant to be broken- it is time for short term trend to change.

Technically speaking, the stock have started exhibiting negative divergence in comparison with momentum indicators such as MACD, RSI etc. This is the first indication that the positive momentum is on the brink to diminish and prices are now expected to reverse. The first confirmation will be obtained when the level of 54 is broken on the downside.

As per wave theory, from end of March till date, prices are moving in a complex correction. The first pattern which is a seven legged pattern (a-b-c-d-e-f-g) is a diamond shape diametric immediately followed by wave x, then there is a bow and tie diametric pattern which also has seven legs in it. Now the possibility of wave x on the downside is higher or bigger reversal is expected which can drag prices further lower.

In short, expect prices to move down till 54, breach of this level will accelerate selling pressure which will make prices tumble below 50.

IDFC Daily Chart


The next tutorial for Elliott Wave and Neo wave concepts will be scheduled on 17th and 18th September 2016. This will be a webinar set for two days 6 hours each. The course fee will be 10,000/- for two days.

Requirement for Webinar will be Team Viewer 7, Yahoo messenger and Headphone and Mic. Interested candidate can mail me for further details on meghmody@gmail.com

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