Triangle ending soon.Time to get long for the last push
we are in wave E of triangle(marked in red)which in itself is making a neutral triangle sort of pattern(marked in yellow).In this triangle we are done with wave a,b,c and currently wave d is going on.This wave d in yellow is also sub divided in abcde(in green) there by forming triangle.
Looking at the internal count of wave D(yellow) it seems like it is also forming triangle and currently we are only left with leg E of wave D(in yellow).
Reason for wave E to end at 38550-60 zone.
1)Cloud support.(not shown here)
2)61% wave A extention target for wave E of triangle at 38559
3)50% retracement of previous up swing(wave c in yellow) at 38557
4)Time cycle low period nearing,at 3.15 pm today.
Once we get fall of wave e (in green)we need price to give us reversal candle and clearing wave d(in green) top and closing above it.That would mark end of wave d in yellow degree which will be followed wave e of yellow degree to complete wave e of red degree.
Hence stop-loss for the trade after seeing above mentioned trade setup criteria getting ful-filled will be 38550 and target would be 39500-39800, entry only above 38900.Incase 38550 is broken then pattern will take diametric form in which case one can see wave F and wave G,but i am not discribing that scenario as triangle is the preferred count.
Disclaimer:This are just my views on the index,no position should be build or exited on its basis.Posting this just for my future reference.
Looking at the internal count of wave D(yellow) it seems like it is also forming triangle and currently we are only left with leg E of wave D(in yellow).
Reason for wave E to end at 38550-60 zone.
1)Cloud support.(not shown here)
2)61% wave A extention target for wave E of triangle at 38559
3)50% retracement of previous up swing(wave c in yellow) at 38557
4)Time cycle low period nearing,at 3.15 pm today.
Once we get fall of wave e (in green)we need price to give us reversal candle and clearing wave d(in green) top and closing above it.That would mark end of wave d in yellow degree which will be followed wave e of yellow degree to complete wave e of red degree.
Hence stop-loss for the trade after seeing above mentioned trade setup criteria getting ful-filled will be 38550 and target would be 39500-39800, entry only above 38900.Incase 38550 is broken then pattern will take diametric form in which case one can see wave F and wave G,but i am not discribing that scenario as triangle is the preferred count.
Disclaimer:This are just my views on the index,no position should be build or exited on its basis.Posting this just for my future reference.