Jan 202012
 

On January 10, I had suggested that Bajaj Auto appeared to be a good candidate that could go against the gathering bullishness in the overall market. The speed of the recovery in this stock is unsettling, and I have clearly become over confident about the prospect on the downside. So it is time to look for ways to salvage this position. If you see it dip to close to the recommended entry level around 1505. I would urge traders to take back their shorts and look for a new trade in some other stock.

  10 Responses to “Bajaj Auto: Elliott Wave update”

  1. ramkiji…post usdinr updates.thanks.also is it good to exit larsen longs now for target of 835?

  2. Hi Ramki,

    It seems to me that your target is still possible as this uptrend can be considered to be a 4th wave retracement. I agree that other TA’s are pointing to a bullish setup, but I dont see the downward move having been completed?

    Thanks,
    Vivek

    • Hi Vivek, thanks for te comment. I don’t read others’ analysis in order not to cloud my own judgement. At wavetimes we are learning how to take low risk trades. The moment a set up goes wrong, we exit and look for something new. Never chase a bad trade. We don’t need to be proved right! Our strength should come from being able to make money, not being correct all the time

  3. Dear Ramki sir, has the Nifty started a Wave 3 of 3 on the upside after bottoming out at
    4535? Also should I go long on Larsen &Tubro as it has started a fresh upmove?.
    Thanks
    Dr Sanjay Pote

  4. Dear Ramki sir,
    I had labelled the current move as X given that there is a clear macd divergence at oct highs and 38% correction has not happened in some auto stocks. I see the same with other auto stocks as well. Is this labeling valid?

  5. sir….. when we see ur post about crude oil and gold?

  6. sir , some prblm i m not getting logged n d forum ..

    anyways i seriously need guidance on cad/inr as moving to canada for good in april
    looks 5 waves done and time to uy cad..

    • Hello Manu, You are probably not following the instructions on the forum accurately . Anyway, in the big picture I think CAD will weaken vs the USD, but between now and April it is a tough call. We could see USDCAD dip back towards 0.99, whereas (as I have already said in one of my earlier updates on the INR, the USDINR will go to 49 and then trade 49-51 for sometime)

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