Case Study of Hindalco

EOD 29.8.12

EOD 7.9.12
Market sentiments changed and so the neck-line of H & S survives. Will it get converted into a falling wedge??

EOD 21-09-12

As previous low of 105 was broken and fresh low of 100 was formed,unless previous high of 128 is taken out,we have to consider the lower high-lower low pattern still in play.

Wolfe-wave noticed on 3-10-2012

Update on 23.10-2012

Though the target for wolfe-wave is quite deep and may points to c=1.6*a=102.5

EOD 27.12.2012

Was definitely lazy in updating it.
The long term descending trendline and medium term resistance level of 127 have been overtaken and the stock actually "broke-out" after fulfilling the target of abovementioned wolfe-wave at sub 105 levels.

And various targets for this "broken-out of range" stock can be mentioned based upon the white channel shown in the above chart or a few more in following charts:

Wolfe-wave:

Harmonic Pattern "Shark":

Simple Channels:

But in the very short-term, it appears a retracement has started from 133.7 downwards after achieving the first target as shown in the chart below:

So one should wait for the retracement to be over before going long in this high-beta stock.
While some levels of support can be mentioned wide channels and Andrews Pitchfork levels:

If the stock sustains below 124 for more than one trading session, one should be very cautious and look for positive divergences in Hour charts accompanied by strong TL support before going long as some bearish wolfe-waves have also got activated which may again take it down to 110 levels(if not more):

Being a high beta stock,market dynamics weigh heavily on it--- Nifty going below 5780 would make it quite weak.