TF: 144 Minutes
For almost a month (from 23rd May to 20th June), the price has been trading within a 20 points range..
The Divergence is very much visible at the TOP
The sideways move suggests corrective phase, but Time correction and not price correction (YET).
Ideally, the price should retrace to 350 (38% minimum) to complete the 4th wave.. If this is going to be a full of time correction, then expect another 2-3 weeks of price move within the same range.
On Daily charts too, we are approaching the final 5th Top (according to my counts copied below).. Hence, I am not going aggressively long on this counter
Daily chart with counts
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
For almost a month (from 23rd May to 20th June), the price has been trading within a 20 points range..
The Divergence is very much visible at the TOP
The sideways move suggests corrective phase, but Time correction and not price correction (YET).
Ideally, the price should retrace to 350 (38% minimum) to complete the 4th wave.. If this is going to be a full of time correction, then expect another 2-3 weeks of price move within the same range.
On Daily charts too, we are approaching the final 5th Top (according to my counts copied below).. Hence, I am not going aggressively long on this counter
Daily chart with counts
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
Trade active
Price spiked up 430 in an unprecedented move.. but that was an icing on the cake.. June expiry they will try to settle at 400.. but if this breakdown works out as anticipated, we could see 360-350 in July series..
Note
400-410 is the tough zone to crack on the upside now..Maybe for this expiry they are managing it for 400 odd levels.. Should see correction in August series..
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.