Nifty IT IndexLong
Regular Flat Wave C nearing end.
Updated
Intermediate Degree pattern:Zigzag
Minor Degree Pattern:Regular Flat
Minute Degree pattern:Impulse
Currently minor degree wave c is going on and on minute degree it seems like we are in wave 5 of impulsive decline,meaning minor degree flat pattern can end soon and intermediate degree wave C advance can commence soon.
Go long once index closes above 29000,with wave 5 low as stop-loss on the downside for a target between 32600-33800.
PS:There should be RSI divergence at wave 5 low,which would confirm the end of impulsive decline.
Disclaimer:Views shared are personal and posting this for my future reference.No trade should be taken solely on its basis.
Minor Degree Pattern:Regular Flat
Minute Degree pattern:Impulse
Currently minor degree wave c is going on and on minute degree it seems like we are in wave 5 of impulsive decline,meaning minor degree flat pattern can end soon and intermediate degree wave C advance can commence soon.
Go long once index closes above 29000,with wave 5 low as stop-loss on the downside for a target between 32600-33800.
PS:There should be RSI divergence at wave 5 low,which would confirm the end of impulsive decline.
Disclaimer:Views shared are personal and posting this for my future reference.No trade should be taken solely on its basis.
Note
We can see a positive divergence on RSI,indicating end of wave 5,and going ahead we can see wave C of higher degree unfolding on the upside which can take prices in the box zone.But for the long trade one should wait for the breach of the 2-4 trendline.
Trade closed: target reached
Disclaimer
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