Someone followed me so desperately (can't count- how many times) that I was forced to do the analysis. Thanks to that follower for not giving up. Cheers for him/her
Timing is an issue for me & I try best to make most of them happy, but due to work pressure I fail to do so. Hope, you all will understand.
Analysis
The fall from 1545 has completed 1st set of intermediate complex correction at 1111 - (W)-Green Wave. A corrective bounce was seen to 1345-1355 where minor wave-X(Blue wave) within 1st set of intermediate correction (W) also ended. This minor wave X took the shape of triangle & gave us key & critical zone 1345-1355.
This corrective bounce gave the 2nd leg of Intermediate correction- (X)- Green Wave so it is very important zone & hence key & critical zone for future trading.
Any move above this zone of 1345-1355 should be seen as a confirmation point & start of new uptrend.
From short term scenario & 1344 high -the fall is impulsive, which looks to complete a clean 5 wave sequence as shown below in 2 hour chart.
Polarity zone of 1220-1245 - An important zone Polarity zone means once acting as support zone started acting as resistance & vice-versa(shown as green & red arrows). So any move in the zone 1220-1245 if prices face resistance & fails to move beyond that zone, then that zone should be used to exit.
Trading Strategy
Short Term Scenario - An impulsive sequence from 1344 to 1146 lows looks in place as divergence is quite visible. So, we shall look for a bounce in the polarity reversal zone of 1220-1245- if it faces resistance & gets rejected in that zone then one should use to exit & wait for further down move which can be used at later duration as buying opportunity.
Long Term Scenario - Once Intermediate Wave Sequence (W)-(X)-(Y) Green Wave Sequence is done, which likely looks as one leg upside in 1220-1245 zone & falling later to finish the sequence can be a better opportunity to buy in future.
A move above 1345-1355 -is most important as it can confirm that correction is in place.
Trade active
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13:27 Hrs 7th April2017
Last Price@1177
Sharp Rise -Heading to 1220-1245 zone as expected.
Trade active
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17:54 Hrs 10th April2017
Last Price@1174
Turning from 1131 -looks good for upside –Above 1185 it will look even better.
Trade active
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20:01 Hrs 11th April2017
Last Price@1182
Prices are halting at 1180-1187 zone -likely we will see next set of buying only above 1187 crossed & sustained above that zone.
Trade active
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10:20 Hrs 12th April2017
Last Price@1167
Bang on move- Falls exactly from 1185 from updated last night.
Trade active
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10:32 Hrs 16th April2017
Last Price@1175
1185-1187 is a strong resistance zone- once taken out on the upside, it travel to 1220-1245 expected target zone.
Trade closed: target reached
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18:06 Hrs 26th April2017
Last Price@1217
Day High@1226- Kissed the zone of 1220-1245 as expected - we will wait to see whether we get resistance in this zone or it crosses 1245.
Comments
chandu_Trade
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Thanks @AbhishekHSinghCMT , I have booked some profit, can we take short position at current price
WaveTalks
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@chandu_Trade, No short -it opens more for 1300-1325 zone & crossing 1345 it will head even higher so we next look for 1300-1325 for review next or fresh buying only above 1345-1355.
ashokakbari
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aap ke jaisa banda life mei pehli baar dekha hai.. its look like you are treating them.
naizycm
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Watching sir, great.
somisettys
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Hi Abhi, can we enter now ,cmp is 1165 or should wait further..please proivde ur inputs
WaveTalks
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@somisettys, I guess fall has started today itself at 1185 & you are trying to put your hands in fire which will burn you. Safe & better trading opportunity is only above 118-5-1186 or we need to see how it moves for a day & 2 then decide. Either ways -it has fallen exactly as per the update overnight from 1185.
somisettys
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@AbhishekHSinghCMT, will enter later after 1185 levels...or wait for ur further update..Good Analysis predicting before daystart is great :)
bajajct100
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@AbhishekHSinghCMT, Thanks bro your analysis are useful for my good investment.