Fuel & Power_Sector ( 05-November-2018)
_____________________
General Observation:
There is a HIGH in July, 2018.
After this HIGH, we get two Lower Highs (LH).
These are the failed Swing High.
They can not make HH.
Meanwhile, we see series of LL.
Hence, according to the definition, ” Trend is Down”.
______________________
Elliott Wave Perspective: (Chart 2)
_____________________________
Most probably, we have share the same chart in August, 2018.
Anyway, From LOW to HIGH, there is a “Ending Diagonal” pattern.
Ending Diagonal pattern gives us the “confirmation” about change in trend.
The LOW is an important level.
It is the Origin of the “Ending Diagonal” pattern.
Importantly, price will come down to the Origin of the pattern during correction.
Therefore, we may watch the movement of this sector with due importance.
The above two are the relevant chart.
