DeekshantBoolchandani
Long

ALLAHABAD BANK - BULLISH

NSE:ALBK   None
The Stock has shown a zig zag ABC correction on 60 min charts with 5-3-5 legs of ABC which is generally the end of a longer leg. The C wave has given its 5th leg and in my opinion, it is completed. A trade to go long with 69.40 as a stop-loss and 79 and 81 as targets give a risk/reward at 1:4 and 1:5 respectively. CAUTION ADVISED, STOPLOSS IS YOUR GOD AND YOU ARE HIS SLAVE.

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https://www.bloomberg.com/quote/BUPA:AB

Dear sir can u plz advise on thisnstock
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Bro, give importance to corrective + motive wave concept. Higher top/ higher bottom sequence . since Elliott wave is subjective , we can't just go by assumption. As in your case of 5-3-5 wave. Question yourself , what if 5-3-7 happens ..then how you count. Or if 5-3-5 is corrective , when u get confirmation, only after confirmation we should take trade, not before it.



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DeekshantBoolchandani VikramGopalAimanda
@VikramGopalAimanda, I agree and as you rightly pointed out that Elliott wave is subjective, it is possible that we both might be wrong. In this case, as it seems my trade hit the stop loss. Thank you for the 5-3-7 insight, I'll definitely work on that. Thank you for your guidance.
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