Regular Flat Wave C nearing end.

UNDERDOG-29 Updated   
NSE:CNXIT   Nifty IT Index
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.

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

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