Suzlon Energy made a
‘Double Bottom’ at Rs15 and the this second bottom was formed after 40
trading sessions, so time wise as well as value wise it qualifies as a
‘Double Bottom’. The first upward move from Rs15 to Rs19 took 17 trading
sessions and the following downward move took 40 trading sessions, so
time wise the retracing wave took significantly more time.
There onwards the last
downward move which was from Rs19 to Rs15.15 had been retraced
significantly faster in just 4 trading sessions, this concept is known
as ‘Faster Retracement’ in Elliott wave analysis. This suggests that
some new upward move has begun.
This upward move from Rs15.15 to Rs19 took 4 trading sessions and so far it had been retraced by less that 50%.
Buy Suzlon
Energy between Rs18.40 to Rs17 for a first price target of Rs20 and then
Rs25 in one 15 days. Keep a stop loss of Rs16 on the closing basis.
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