Bhel- Pullback done@162.90-Important Swing High

265 3
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.

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.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hi Abhishek, since we are looking at a corrective move, we can draw parallel channels and wait for the channel break to confirm that the bear trend in back again.
Yes, sure but likely break of the channel also to be played properly -people think channel breaks then it is done - yes, it is done, but on a long term basis because see the time frame -it is on the weekly chart- so, taking short positions should be top swing high as resistance but likely no one takes that big risk. What I suggest that once it comes close to prior top & we see the reversal pattern that is the place to take the trade because it will have a high risk - reward ratio which an analyst talks very often.
@AbhishekHSinghCMT, Quite Interesting and dicey too.
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