AbhishekHSinghCMT
Short

CNX MNC- MNC Screaming Itself- Traders can make mistakes?

NSE:CNXMNC   NIFTY MNC
160 1 4
Wave-iv retraces exactly at 61.8% of wave-((ii--iii)) distance at 10045- High.

What Next?

Where traders make mistakes- counting 1-2-3-4-5 --will you go & take buy or sell -think again because kindergarten students also can count 1-2-3-4-5- if this chart is shown to him. Seriously, you don't believe-try showing a printout of this chart to someone close to you- you will be surprised because that is the way we do counts & jump in the trade without confirmation- what is the end result- a fatal accident- a broken account.

So, which ever analysis you do-             always confirm before crossing the signals.

Emotions are tougher to control but can be done if you have more confirmations to support your analysis, which can be converted into a rocking trade- as trading & doing analysis are two different things.

What Confirmation -I will look for trade next?
Current Candlestick Pattern -which is a doji -directionless candle so wait for the next few sessions & let it close below recent low@9905- marked in blue color.
Get some bearish candlestick pattern.
Let the rising trendline be broken & sustain below the trendline .

Possible Target Zone
In the Zone 8350-8375-- Wave-((v)) travels equal distance as the Wave-((i--iii)).


Trade active: 06:57 Hrs 18th Jan2017

Last Price@10105

Wow- it turns upside above 9905 from 9906.55 - Isn't that amazing!
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Thnx for the clear explanation. Very very nice catch and great charting. Much appreciated.
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