The most common Triangle pattern, Asian paint will encounter when you're studying price charts on the higher time-frame for short selling is the contracting triangle, which is right in front of you. It's a 5 wave move, subdivided or identified as waves ((A))((B))((C))((D)) and ((E)). Any wave of the pattern is subdivided into 3 smaller waves, and also too many times. We will find is that alternating waves within the pattern will have 0.618 relationships. If not, then what you can look for is for wave ((D)) for example, the wave ((D) = .618 of wave ((B)) at 3271. You can clearly identify this as a contracting triangle because of the converging trend-lines which connect the extremes of waves ((A)) to ((C)) and ((B)) to ((D)).
This triangle that I'm looking at currently in the Asian Paint ideally the pattern is complete at this juncture where I have identified. Everything hinges do on whether or not wave ((C)) can remain intact.
There're two setup can be: 1. Buy 3275 above on closing basis, for target higher targets. 2. Buy at Critical support 3237 nearby, for thrust target.
My actual traded in morning 18th Feb 2022(Today) in stock future at 3237 for long and i will protect them with stop below 3237 or 3232 at extreme wave ((A)).
Comment
⋅
4-hous Price Chart Flat a"sideways" correction unfolds in three waves as A-B-C generates a 3-3-5 internal signature in real-time analysis often used as an initial "alternate" count.
Here is flat in Asian Paint chart, the trend is up overall. The price is under the 5 waves of wave C in a downward motion. Its looking quite bearish after completing wave ((4)) of wave C.
Comment
⋅
The numbers should be significantly considerably & equity ratio.
Comment
⋅
You can learn from practicing the parallel channeling technique. I also believe in it.