AbhishekHSinghCMT

CAIRN- Bulls in Control for the 380-400 zone

Long
NSE:CAIRN   None
3
It's an irregular correction from lows@88.20 in 2008 which has taken shape of W-X-Y sequence. Y-Wave is currently in progress since bottoms of 106.50. This irregular correction is 3-3-5 sequence - 3 internal waves for W-wave -- 3 internal waves for X-wave till 106.50 & Currently on impulsive 5 wave move for a larger Y - wave.

This is irregular correction is known as Flat where X-wave can retrace very deep & even beyond the W - wave. In our case it has retraced 90%.

On larger degree, it's looking for the zone 380-400 zone in coming years.


Trade active: 12:30 Hrs 8th Nov2016

Last Price@244.80

Let us wait for the pullback in the zone 237-239 - if hits then later look price pushing upside above 240. Traders can put a stop below 236 once it starts moving above 240 & can have a bullish bias for targets 250-255 at first.
Trade active: 15:00 Hrs 10th Dec2016

Last Price@264

Moving Above 240 - It crossed the target zone 250-255

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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