DIVGIITTS LONG
Divgi Torqtransfer system is one of the leading players supplying transfer case systems to automotive OEMs and the largest supplier of transfer case systems to passenger vehicle manufacturers in India.
The Elliott Wave analysis indicates that the stock has finished waves (i) and (ii), which are shown by blue numbers on the daily chart.
Wave (i), also known as the impulse wave, unfolded into five waves, which are illustrated in red colour.
Wave (ii), also known as the corrective wave, unfolded in an a-b-c pattern, as indicated in red.
Wave (iii), the impulse wave, is unfolding in five waves, as illustrated in the red colour.
Price is moving in a channel. As a breakout of the channel, Price will rise.
After the breakout of the channel, the price will retrace and take support on the channel. After that price will go up i.e. wave iii.
It's a buying opportunity during a downturn (dip).
The chart shows the wave levels.
Two patterns formed on the chart i.e. Double Bottom pattern and the Falling Wedge pattern
A Double Bottom pattern is formed on the chart (a Double Bottom pattern is a bullish reversal pattern).
The falling wedge pattern formed on the chart. (The falling wedge is a bullish reversal pattern)
Level of Invalidation
The nearest invalidation level of 639.15 has been identified as the end point for wave (ii) and The invalidation level of 560 has been identified as the starting point for wave (i).
If the price falls below this level, it means that the projected Elliott Wave pattern is not as it appears.
I'm not a registered Sebi analyst. My research is done solely for academic purposes.
Please consult your financial advisor before trading or investing. I bear no responsibility for your profits or losses.
Regards,
Dr Vineet Jain
The Elliott Wave analysis indicates that the stock has finished waves (i) and (ii), which are shown by blue numbers on the daily chart.
Wave (i), also known as the impulse wave, unfolded into five waves, which are illustrated in red colour.
Wave (ii), also known as the corrective wave, unfolded in an a-b-c pattern, as indicated in red.
Wave (iii), the impulse wave, is unfolding in five waves, as illustrated in the red colour.
Price is moving in a channel. As a breakout of the channel, Price will rise.
After the breakout of the channel, the price will retrace and take support on the channel. After that price will go up i.e. wave iii.
It's a buying opportunity during a downturn (dip).
The chart shows the wave levels.
Two patterns formed on the chart i.e. Double Bottom pattern and the Falling Wedge pattern
A Double Bottom pattern is formed on the chart (a Double Bottom pattern is a bullish reversal pattern).
The falling wedge pattern formed on the chart. (The falling wedge is a bullish reversal pattern)
Level of Invalidation
The nearest invalidation level of 639.15 has been identified as the end point for wave (ii) and The invalidation level of 560 has been identified as the starting point for wave (i).
If the price falls below this level, it means that the projected Elliott Wave pattern is not as it appears.
I'm not a registered Sebi analyst. My research is done solely for academic purposes.
Please consult your financial advisor before trading or investing. I bear no responsibility for your profits or losses.
Regards,
Dr Vineet Jain
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