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 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) pattern at bottam
4)Trendline breach in .