End of Impulse:Time for Wave 2 correction of higher degree
CNX CONSUMPTION has been out performing broader markets on the back of impulsive move that price has shown.
Following are the reasons for considering current rise an "Impulse"
1)Wave 2 has not retraced more then 61.8% wave A
2)Wave 2 has taken equal time as wave 1 took to form
3)No part of wave 3 has touched 0-2 trendline while its advance.(not shown here)
3)Wave 3 has extented 161.8% wave 1
4)Wave 4 has not entered wave 2 zone and it also took same time as wave 3 took to form
5)No part of wave 5 has touched 2-4 trendline.
6)Wave 5 has achieved it's equality target of wave 1.
Reason for expecting end of wave 5,along with 5 wave wave impulsive move.
1)Wave 5 has achieved it's wave 1 equality target.
2)2-4 trendline has been breached in less time then wave 5 took to form.
3)On candle-stick front we have made a clear pivot high in yesterdays trading session.
One can go short at CMP of 7325 with the stop-loss of 7460 for a target of 7070 and 6960.
Even though this index is not tradeble i have mentioned trade just to clear the analysis mentioned above,one can identify stocks from this sector with similar price behaviour and take trade accordingly.
Disclaimer:This are jsut my views on the index,no trades should be taken solely on its basis. Posting this for my future reference.
Following are the reasons for considering current rise an "Impulse"
1)Wave 2 has not retraced more then 61.8% wave A
2)Wave 2 has taken equal time as wave 1 took to form
3)No part of wave 3 has touched 0-2 trendline while its advance.(not shown here)
3)Wave 3 has extented 161.8% wave 1
4)Wave 4 has not entered wave 2 zone and it also took same time as wave 3 took to form
5)No part of wave 5 has touched 2-4 trendline.
6)Wave 5 has achieved it's equality target of wave 1.
Reason for expecting end of wave 5,along with 5 wave wave impulsive move.
1)Wave 5 has achieved it's wave 1 equality target.
2)2-4 trendline has been breached in less time then wave 5 took to form.
3)On candle-stick front we have made a clear pivot high in yesterdays trading session.
One can go short at CMP of 7325 with the stop-loss of 7460 for a target of 7070 and 6960.
Even though this index is not tradeble i have mentioned trade just to clear the analysis mentioned above,one can identify stocks from this sector with similar price behaviour and take trade accordingly.
Disclaimer:This are jsut my views on the index,no trades should be taken solely on its basis. Posting this for my future reference.
Trade closed: stop reached