BPCL has broken out of the daily downtrend. It made a solid move up and as always it will consolidate before the next major move. Looking at the 60 min, I see that its possibly in a flat formation which means the buy comes from lower levels closer to A. Buying here at this level doesn't have a great risk/ reward. Waiting for the flat pattern to finish and then buy is what I am looking for. One might possibly sell - if their strategy allows, but needs to be done with extreme caution in case this pattern turns out to be a running flat.
@MohitArora, Thank you for sharing your idea. Yeah, one major move down is what I m looking for too. Guess we will soon see a sell setup coz the last one got invalidated.
MohitArora
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@Shredskin, yes correct.
Can It be Called as Ending Expanding Diagnol ?
Divergensity
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@MohitArora, Hi! I see what you are saying. I am looking at it as still an extension of the B wave. I dont think its an ED yet- but yes, it might form one since its killing time at the high's there and as long as the .
Divergensity
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@MohitArora, .. as long as the 380 levels are not tested, it could form a 'mini' ED as a way to finish the B wave.
MohitArora
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@Shredskin,
yes correctly observed for completing wave B could end with ED but not for bigger picture due to Wave count.