CYIENT At a Crucial Juncture - CRAB or BAT (ATH or one more LOW)
Updated
CMP: 2055
Price is at Falling trendline resistance - Attempting breakout
Two possibilities exists in Harmonic Pattern/Structure.
BAT and CRAB
If it is a BAT, then price would reverse from 2100 levels
If it is a CRAB, then, this move will extend and continue till 2450 levels. For this to happen, price must break above 2160
Ideally, some sort of profit booking can be expected at 2100 levels.. so trade with caution.
On the Daily TF, in one of my previous posts, I did mention that the script has completed 3 waves and 4th in progress (on daily TF).
Although it looks like 4th has ended at 1650 levels, there hasn't been proper 5 wave impulse from the lows. which makes me think/believe that one more low could be possible. Not pre-empting anything yet. Just playing the levels and it is a wait and watch game for now.
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
Price is at Falling trendline resistance - Attempting breakout
Two possibilities exists in Harmonic Pattern/Structure.
BAT and CRAB
If it is a BAT, then price would reverse from 2100 levels
If it is a CRAB, then, this move will extend and continue till 2450 levels. For this to happen, price must break above 2160
Ideally, some sort of profit booking can be expected at 2100 levels.. so trade with caution.
On the Daily TF, in one of my previous posts, I did mention that the script has completed 3 waves and 4th in progress (on daily TF).
Although it looks like 4th has ended at 1650 levels, there hasn't been proper 5 wave impulse from the lows. which makes me think/believe that one more low could be possible. Not pre-empting anything yet. Just playing the levels and it is a wait and watch game for now.
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
Trade active
Price is seeing some sort of rejection at 2100 levels.. Its a wait and watch game now (no trade zone)Trade closed: target reached
FINALLY it is a BAT pattern played out for now. But, we cant rule out CRAB too unless the low of C leg breaks..
Interestingly, the price is now reaching the important/crucial zone of 200 DEMA..
Attached chart explains the significance of 200 DEMA.. It was acting as a resistance for so long and recently brokeout.. Will it reverse from 200 DEMA?
Note
BAT Pattern has played out and the price reversed 100%. GAP is also filled. The only question is, whether we go back to 1650 levels in this fall.. wait and watch game now.. Price is trading below 200 DEMA.. so no longs until we trade above the same
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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