As it turned out price took form of diametric pattern in wave d(yellow),currently it seems like we are in wave g(green) of diametric pattern target of which is coming at 37650.Again we are nearing cycle low zone at 12.45 PM today.One should look to buy index if we get reversal candle which closes above previous candles high from now onwards,although it would be aggressive trade but worth while to take risk as time will be favoring bulls post 12.45.Ideally pattern completion would be above 38200.
For agrressive trader:
Look for a reversal candle which closes above previous candle high,enter long once we get close above previous candles high and keep stop-loss of the previous candle low for a target of 38200 and 38700.
For safe trader:
Wait for price to cross 38200,any 30 min candle closing above 38200 would confirm pattern completion.Initiate long then with a stop-loss of pivot low that we will make(i am assuming 37650) for the target of 38750.Although risk rewards changes significantly if we wait for confirmation.
Disclaimer:No trades should be taken on the basis of this analysis,posting this just for my future reference.
For agrressive trader:
Look for a reversal candle which closes above previous candle high,enter long once we get close above previous candles high and keep stop-loss of the previous candle low for a target of 38200 and 38700.
For safe trader:
Wait for price to cross 38200,any 30 min candle closing above 38200 would confirm pattern completion.Initiate long then with a stop-loss of pivot low that we will make(i am assuming 37650) for the target of 38750.Although risk rewards changes significantly if we wait for confirmation.
Disclaimer:No trades should be taken on the basis of this analysis,posting this just for my future reference.
Trade active:
we have seen extention in wave g stracthing prices all the way till 161% extention of wave a in wave g.
enter long at cmp of 37600 sl 37300 tgt 38200
we have seen extention in wave g stracthing prices all the way till 161% extention of wave a in wave g.
enter long at cmp of 37600 sl 37300 tgt 38200