Intermediate Wave- (1)-(2)-(3)-(4)-(5)
Minor Wave- 1-2-3-4-5
From 90 lows in 2009- Biocon has travelled into the nested wave structure (1)-(2)-1-2. Currently moving into 3rd of (3) wave. Minor wave-3 was done at 1020 highs in Oct2016- since then it had a severe fall to 804 lows which retraced 38.2% & the rise from 804 lows looks choppy & corrective. I shall be looking for of minor wave 2-3, which comes in the zone 720-725 as minor wave-2 retraced 38.2% at 431- so a deeper retracement could be expected in minor wave-4.
These are long term targets could take atleast 6-8 months to unfold.
Moving above 950 & sustains then shall look for 957-960 prior swing high- shall book profits & wait outside to come back again later
crosses the zone 957-960-- Hold guys -can push to 968-970's
Awesome & How does it feel with the explosive move from 950 to 968- Take Rest & Enjoy Weekends.
Sorry for all typing mistakes in dates as I am still struggling to write 2017 -in above updates used "Jan2016" instead of "Jan2017"
Hitting the block hole 970- drops to 959 current rate- yes we booked exactly at 970- Awesome
Short trading call in larger picture
Going above recent high@970- we can look for 5-8 points i.e. 975-978 Shall exit & wait at the sidelines.
Bang On Target Clicked above 970 for 975--978
Entered in a short trade at 1009 but updated that we should never miss such double tops as risk reward is amazing -with stops of 1-4 points above 1025
If sustains above 1020-1025 then be careful do not sell else look to sell & going below 985-990- it will have some downside pressure.
Day's 1026 - has strong resistance going below 985-990 shall have more pressure -risk takers can sell in the zone 1020-1025 because if sustains then only it will move up else down.
We are in the trade between 1020-1025
Going below 985-990 -the pressure will be more visible.
If you want to hold you can but trail your stops above 1012-1013 or book profits at current zone 995-997 & wait next at sidelines for selling again below 989.
Once the price goes below 989-990 -we will take sell with strict stops above 1014
Long term Traders who took risk bet 1020-1025 should continue
Key zone was 1012-1014
It went on high at 1007
Sell Below 989-990
Some guys are risk takers then also you should take risk which you can digest something like this - selling close to 1012-1014 & if it falls below 989- it becomes awesome as more sellers join them. Now those risk takers should trial the stop to cost
Analysis done using spot/cash data
There is price rejection happening in the zone 1010-1015- so once if you get a chance to sell in close by range of 1000-1010 keeping stops above 1012+ we shall look for the target 950-960 zone.
Missed recent double top@1050-1052- bad luck.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ