Bhel- Pullback done@162.90-Important Swing High

Bhel has started an impulsive fall from highs@300 in Feb2015. from recent lows@90.15 -This wave sequence divides into 3- wave structure W-X-Y. Where Y-wave has achieved equality with W-wave@162.90 approx.

Trading Strategy-1
Either we should get the break of 113.75 -X-Wave Low to confirm that Bhel has put the top@162.90- In that case we shall see Bhel going below 90.15 low as well.

Trading Strategy-2
Likely we should wait for a pullback in the zone 145-155 -Most Important -High of 162.90 should be intact as that is critical level as if now. Once we see the pullback & get some bearish confirmation then with a stop slightly above 162.90 - we shall use all the weapons in our arsenal to take short positions.

Regards,
Abhishek H. Singh, CMT

Trade active:

12:00 Hrs 3rd Jan2016

Last Price@122

Post 135 - a pullback was seen right in the black hole 145-155 -making a top@146 & later falling to 116.10 -recent low.