This is not trade setup itself, its just an idea shared here on Biocon on potential scenario of shorts. I'm not sure about end of wave 4, as I don't have patience for sub-waves & there is no bearish reversal as of now. So either you can do subwaves & predict wave 4 end, if you don't know elliott's don't worry, just apply whatever strategy you use over Biocon & check whether that indicates bearish move ahead.
nice idea, lets see if it surfs down the wave or fly up the cave
InsiderB
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@Einstein15, Thanks for sharing, yes we will wait for the best :)
chandu_Trade
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Could let me know the SL for this trade
InsiderB
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@chandu_Trade, Hello, this is not trade setup, its just idea posted that after wave 4 end it will reverse on bearish confirmation, as of now there is no confirmation
chandu_Trade
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@InsiderB, thanks for your quick reply.
What is the bearish confirmation price. Is it @940
chandu_Trade
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@InsiderB , could you plz tell me what is the current trend ? Is it a up or down? I am in sell side @980
If trendline breaks to downside, we will have bearish move.
chandu_Trade
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@InsiderB, thanks, is the trend line is the red one i.e 998
InsiderB
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@chandu_Trade, both are, if the lower red one breaks good fall. else only blue breaks means it will retest lower trendline for further up
nalinakshi
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i donot know about the elliot , but i feel it has retraced 100% of the move , it may chop around one or two candles and may take off. It had given good quarterly results, may be this retracement is buying opportunity?