ACC - Head & Shoulder pattern (Bearish)

ACC (CMP: 1127.3) The weekly chart shows the medium term Elliott wave counts. On the Elliott wave perspective, a-b-c correction is progressing. Wave b has ended and now we are in Wave c for the target of 875 – 725 levels which is 100% - 138.2% extension level of wave a & wave b.

And an addition, Head & Shoulder neckline break down has been witnessed with high volume as well as the stock is trading below 200 WEMA which signifies selling pressure. As per the H&S pattern, the target is placed at 700 which is 100% of head.

On the weekly chart, MACD has given negative crossover which indicates weakness.

Strategy: Traders can Sell at CMP or Sell on rise at 1150 – 1175 levels with a stop loss of 1290 for the target of 875 - 725 levels.