CONCOR: Combining Diametric Pattern with Ichimoku Cloud
May 19, 2023
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Simple Elliott wave patterns helps us to identify big moves well in advance. If we combine it we price action along with simple indicators like Ichimoku cloud then one can form powerful trade setups with much higher accuracy. We have identified one such stock in which prices were moving well in Diametric pattern.
Diametric pattern is a 7-legged structure and this is the most common pattern and can help traders take positions once the pattern is recognized early on.
We published the following article on CONCOR pre-market on today itself on 19th May 2023 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.
CONCOR Daily chart
CONCOR Hourly chart
Wave analysis:
In the previous session CONCOR closed with a loss of -1.24%. On the daily chart, we have used Bollinger band to gauge the price. From taking rejection from the upper band the price is currently trading near mid band. So, any close below mid band is needed for further correction to continue. Also, for the third consecutive day prices have given a close below previous day’s low which is a negative sign.
On an hourly chart, as we can see the price has closed below the cloud which is a negative sign. Also, the price has given breakdown from the upward sloping channel. The stock is moving in form of lower high lower low fashion. Currently wave (g) has completed its course on the upside and fresh leg has started moving on the downside.
In a nutshell, CONCOR looks sideways to negative. Use pullbacks as a shorting opportunity for the levels of 620 as long as 650 holds on the upside.
Happened
In our previous reports, we mentioned that after wave (g) completion, further selling can be seen. In today’s session, CONCOR moved as expected and achieved our target of 620. As we said that any pullback can be used as a shorting opportunity. The same has happened after a pullback price moved down and made a low of 617.45.
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