Primary wave 5 beginning.

UNDERDOG-29 Updated   
Current count:

Cycle: wave 1
Primary: wave 5
Intermediate: wave 1

price has fallen in the tgt zone of intermediate wave C of 100-123% extention of wave A from wave B top,after that in yesterdays session we saw bullish engulfing candlestick pattern and today we are seeing follow through buying as it has crossed previous two days high.

One can take 30% position now and if it manages to close above 80 then can add rest of the 70% with a closing stop loss of 70 on the down side and for an upside primary wave 5 tgt of 124-157.

One should only risk 1% of there capital in a trade and size accordingly with keeping mentioned level of stop-loss in mind.

Reason for wave 4 completion and reason for long trade

1)Breach of upper channel line of wave C
2)Price reversing frrom potential tgt zone of wave C
3) Bullish Engulfing pattern at bottam
4)Trendline breach in RSI .
Trade active: Buy trade was active on 25th august

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