A classic example of an overshoot - The expected targets were in the range of 800-810.
We already exceeded that and closed at 842. In such a scenario the extended targets could be 886.
835 = 61% of the entire fall & 886 is 78% - We dont necessary have to test the 78% mark but in and around that range is what can be expected. Another classic example of stocks moving based on the Index they belong to.
Do read some old posts on ICICIBank - http://www.wolfewaveindia.com/2011/02/icicibank-daily-chart.html
I did post this on the 29th of June last year (this was an hourly chart)- Never really followed up on that
BTW.. Do take a look what happened post that on the daily chart.
I've marked out when the call was made on 29th Jun last year.. and where we are today?
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