Chennai Petro CMP 700.7
Elliott - the three wave correction has started in this counter of which A is complete. Now the B wave rally is underway. Since the A wave can be subdivided into 5 waves I know this correction is a zig zag. Now the B wave rally can go to 700 and then to the start of the wave iii at 936.
Fibs - On the left chart I have drawn Fib on its strength zone which is wave iii of 3. See how the correction stops at the 61.8 of the zone. Which is also supported by a trendline.
Fib ext- One can drawn one more fib ext from an imp pivot to get confluence zones as the mkt is making new highs. This way we get high prob tgts. We got to two confluence here one at 992 and the other at 1220. Both proved to be turning points.
Conclusion - wave B's are a bit complicated. Once this rally is done one will need to exit as the sharp downfall will again resume which will break below 458.
Elliott - the three wave correction has started in this counter of which A is complete. Now the B wave rally is underway. Since the A wave can be subdivided into 5 waves I know this correction is a zig zag. Now the B wave rally can go to 700 and then to the start of the wave iii at 936.
Fibs - On the left chart I have drawn Fib on its strength zone which is wave iii of 3. See how the correction stops at the 61.8 of the zone. Which is also supported by a trendline.
Fib ext- One can drawn one more fib ext from an imp pivot to get confluence zones as the mkt is making new highs. This way we get high prob tgts. We got to two confluence here one at 992 and the other at 1220. Both proved to be turning points.
Conclusion - wave B's are a bit complicated. Once this rally is done one will need to exit as the sharp downfall will again resume which will break below 458.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.