sachinjain19
Short

is BForge in 5th wave extension? If yes, awesome risk reward!!

NSE:BHARATFORG   BHARAT FORGE
99 3 3
My counts are marked. i believe that we are in the 5th wave of larger degree and we have done the 61.8% target of 1097 and is already extended.. if this is..then we may correct this 5 wave up move and head for 900 or so .. !!

Please do provide your comment on how these counts sound? or if you are working with a different counts ?


SL, Targets etc.. are on the chart
Comment: looks like 1200-1220 zone is indeed providing resistance.. a red closing below 1195 will prove that the counts were indeed in play..
Comment: revisited counts again..to be very sure that the stock has turned corners.. a closing below 1170 will confirm reversal.. !! if already shorts.. hold.. if not.. please initiate in the zone of 1190-1195 spot..
Comment: SL still intact. any trade above 1230 for couple of hours in the day will trigger SL !!
Comment: what a day.. what a beautiful turnaround !! TSL now 1200.. closing basis !
Comment: booking 50% of positions here.. rest is trailed. getting profits off the table is important ! enjoy yyy
Comment: So looks like we did a C.1 today and finished that at 1164 levels.. Elliot already projected that level.. and i got out at 1172 .. ( 50%).. i will add it back around 1195 .. for a target of 1080 or so..

As usual , i am always looking for what can go wrong with my current preferred count.. currently there are no real reasons to change my preferred count.. but if next two days are high volume days with limited range or bull run.. i would have to rethink of the count.. in that case. this count will be for a bull case.. with target above 1400.. ( more of it in coming sessions,, only if high volume days happen )
Trade closed.. ! EW zindabad !!
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Closed the trade.. average cost of shorts were 1207.. half of it covered at 1172 and the rest today @ 1090 ..trade closed !
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take a bow .. take a bow Mr. R.N.Elliot.. you created a tool which used right can provide you awesome returns on your trading ! still carrying half my positions ! will cover another 50% today !
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