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SAIL possible Elliot wave counts with Multi parameters aligned

NSE:SAIL   STEEL AUTHOR INDIA
Hello Friends,
here we had shared analysis of stock from metal sector stock named SAIL, in which we had checked multi parameters which are aligned in same bearish bias as in current scenario.

As per Elliot wave counts we are in complex correction or we can say double threes or double zigzag correction which we had labled as ABC as a (W) then (X) and again ABC as (Y), as per wave principles (Y) should be equal to (W) so we have enough space towards south zones (down side) which is indicating bearish bias as per Elliot wave counts.

Trend identified by Dow theory is also giving same bearish bias because stock is forming lower highs and lower lows since last 22 months, which is aligned itself with same bearish bias.

Trend indicator like MACD on monthly, weekly and daily these all are in sell modes and aligned with each others, which are indicating same bearish bias.

As per Bollinger bands on all three time frames like monthly, weekly, and daily are also showing that stock is trading below 20 Monthly SMA, 20 Weekly SMA, and also 20 Daily SMA, which also indicates same bearish bias.

On bigger picture possibly we are in last leg of correction which is to complete or finish very soon, Overall wave structure is suggesting on higher degree we had completed wave ((1)) and currently we are in correction phase almost near verge of end as a wave ((2)), post ((2)) we can start fresh impulse of bigger degree as a wave ((3)) which can cross highs of wave ((1)) so we can say that, currently we assume this stock as a bearish and after finishing wave ((2)) we should change our bias from bearish to bullish after confirming with price actions and other parameters also.
I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
All major parameters are shared below as snapshots must watch
Thanks


This stock is forming lower highs & lower lows since last two years which is clearly bearish trend

Possible Elliot wave counts on daily time frame

Monthly macd negative

Weekly macd negative crossover

Daily macd negative

Price trading below 20MMA (monthly mid bollinger)

Price trading below 20WMA (weekly mid bollinger)

Price trading below 20DMA (daily mid bollinger)

Possible wave counts on hourly chart

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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.

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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
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