NSE: JPASSOCIAT Technical Analysis

JPASSOCIAT Technical Analysis

Short Term Stock views Posted on 11 December 2012
Contra Call: Short sell jp associate at 104-104.1, stop loss 105.9 closing basis, Targets 102-99.5
Reason: Dual Trendline Resistance
Comments: jp associate has shown a very sharp up move in a very short span of time. The stock has a very strong resistance on both daily and weekly stock charts at 105.6. As you can see the stock is shown inside two channels and both channels upper trendline intersects at a point which is Resistance for the stock. Also, RSI is coming down from the overbought region. Stock can show some retracement up to the mentioned levels in few days.
JPASSOCIAT Technical Analysis
Dual channel resistance

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Elliott Wave Principle

What is Elliott Wave?

According to the Elliott wave theory, a total of eight waves represents an entire movement of a price cycle. Out of eight waves, five refers to as Impulsive waves and three and remaining three referred to as Corrective waves.

At the point when the essential market pattern is bullish, impulsive waves are in the direction of the trend (upwards) whereas corrective waves are opposite to the trend (downwards).

Similarly, once the first market trend is pessimistic, impulsive waves are in the direction of the trend (downwards) whereas corrective waves are opposite to the trend (upwards).
The above pattern formation doesn’t rely on a time frame. You’ll be able to observe Elliott wave patterns in Intraday charts still as monthly charts. However, the likelihood of false waves decreases in higher time frame charts.

Elliot wave in Uptrend
Wave Cycles
Wave cycles - elliott wave
Elliott wave in downtrend



There are three general wave theory rules in Elliott wave theory:

  • Rule 1: Wave 2 cannot retrace more than 100% of Wave 1, means wave 2 cannot go below the start point of wave 1.
  • Rule 2: Wave three will never be the shortest of the 3 impulse waves. (Generally, it is the biggest wave and most furious).
  • Rule 3: Wave four can never overlap Wave one.

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Elliott Wave Principle: Key to Market Behavior

Developed by Ralph Nelson Elliott in the 1930s and ’40s, the Elliott Wave Principle is a powerful analytical tool for Predicting Share market behavior. The basic idea behind the Principle is that Share market prices rise and fall in discernible patterns and that those patterns can be linked together in form of waves. Since, its inception, this classic guide to the Elliott Wave Principle has acquired a cult status among technical analysts, worldwide. And with each new edition, the authors have refined and enhanced the principle, while retaining all the predictions from past editions. This book clearly describes Elliott Wave theory and applications and includes the authors’ latest forecasts, including their prediction of the great bear market to follow the past decade’s bull market.
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