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
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.
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.