TradingSutra

GODREJCP : Ending Diagonal

Short
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NSE:GODREJCP   GODREJ CONSUMER PR
This is the most common diagonal that can be found out at the ending of a main trend or main correction. It consists of all the waves 1-2-3-4-5 in a single or multiple zigzags. They can be found placed at 5th wave of an impulse wave or can been seen as a wave ‘C’ of a corrective waves zigzags or flat. After the termination of the ending diagonal , a swift & a sharp reversal takes place which bring the prices back to the level from where the diagonal began.


Properties of ending diagonal :
  • Wedge shaped structure (in case of contracting diagonal).
    The subwaves of all the five waves should be in three wave structure.
    Wave 3 should be shorter than wave 1 | Wave 5 should be shorter than wave 3 | Wave 4 should be shorter than wave 2


Trading Strategy :

Sell near 1000-1005. keep stop loss of 1025 and look for the target of 940/900/875
Trade closed: stop reached

Manish Bhardwaj (CMT L-1)
Analyst & Co-Founder
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