ESCORTS CMP 1110
ELLIOT WAVE STUDY :- COUNTER IS ON VERGE TO COMPLETE ITS IMPULSE PHASE ,, IF CORRECTIVE WAVE UNFOLD FROM CURRENT SCENARIO WE MAY SEE RETRACEMENT OF 10-15-20% FROM CURRENT LEVELS..
CHART PATTERN :- FROM LAST 3 MONTHS COUNTER HAVE MANAGED TO TRADE IN RISING CHANNEL PATTERN AND WAS MOVING ACCORDINGLY,, RECENTLY COUNTER HAVE GIVEN BREAKDOWN FROM THE CHANNEL PATTERN , POSSIBLE TREND REVERSAL,,,
BEARISH DIVERGENCE :- IN LAST 3 PEAKS COUNTER HAVE MADE IF OBSERVED RSI IS MAKING LOWER HIGH,, WHICH MEANS THE STRENGTH OF CURRENT UP TREND IS WEAKING AS PER INDICATORS AND RECENTLY AS PER PRICE ACTION COUNTER HAVE GIVEN BREAKDOWN,,
COUNTER IS GOOD SHORT CANDIDATE
BEST RANGE TO GO SHORT WILL BE 1140 TO 1160 LEVELS..
VIEW GETS NEGATED ABOVE 1221 ON CLOSING BASIS OF HOURLY CANDLE,,
DOWN SIDE NEAREST SUPPORT FOR COUNTER IS AROUND 1084 LEVELS,, BREAKING WHICH COUNTER CAN SLIDE TO LEVELS OF 1028,,956,,