Asian Paints good short candidate.
Asian paints Spot CMP :- 2650
Elliot Wave Study :-
Wave 1:- First wave of impulse phase, consist of 435 points.
Wave 2 :- Corrective wave of impulse phase, have retraced around
Wave 3 :- Longest and strongest wave of impulse phase, consist of 1170 points , which is 2.618% extension of wave 1..
now if major wave 3 matures around this levels and corrective wave 4 unfolds we can see price retracing to 0.386% of wave 3, price which is around 2250 levels.
RSI divergence :- Price is making higher high. where RSI is making lower high,, bearish divergence.
Good short candidate....
Elliot Wave Study :-
Wave 1:- First wave of impulse phase, consist of 435 points.
Wave 2 :- Corrective wave of impulse phase, have retraced around
Wave 3 :- Longest and strongest wave of impulse phase, consist of 1170 points , which is 2.618% extension of wave 1..
now if major wave 3 matures around this levels and corrective wave 4 unfolds we can see price retracing to 0.386% of wave 3, price which is around 2250 levels.
RSI divergence :- Price is making higher high. where RSI is making lower high,, bearish divergence.
Good short candidate....
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