Buy ABB Futures, target 6239, timeframe 3-5 days

Jun 15

After long correction in the form of Wave WXYXZ, ABB has been forming a new impulse wave.

It had completed wave (i) and (ii) of the impulse wave and has been forming wave (iii) which normally is an extended wave, i.e. it forms its own 5-wave pattern with sub-wave 3 having another extension. The wave markings are given in the chart which is self-explanatory.

Stock has taken support of sub-impulse wave (4) and has formed a bullish hammer. Buy with a target of 6239 with a timeframe of 3-5 days and maintain strict stoploss below the hammer candle.

The stock can also be traded in the cash market for a higher target (% terms) with a 1-month timeframe.

Jun 20

Trade closed: stop reached

View negated, stop loss hit.