HDFC BANK WAVE COUNTS
I have labelled HDFC BANK chart with an impulse count as it was following impulse count's rules.
It seems like we are about to complete 5 wave impulse pattern on the upside.Following are the reason behind impulse completion or wave 5 of an impulse completion
1)Price wise target of wave 5 is almost done when it made high of 1725,considering wave 5 to be of an equal length as wave 1.
2)From candlestick point of view we have Dark cloud cover sort of pattern on 18-10-2021 which was followed by inside bar in yesterday's trading session and today we have breached low's of DCC candle.
3)On the upside we have significant call OI @ 1700,1680 and 1660 levels.
4)If we get close below 1625 in coming week,it would also be a sign of impulse termination on minor degree, as this would breach minor 0-B TL of minor wave 5.
5)We are also nearing cycle low's period meaning a sharp decline can come
It's an agressive trade to short at this point(cmp 1570),but worth taking as upside risk is only of 30 rs where as on the downside 1600,1575 & 1535 would be the potential target levels.
Trade risk should not be more then 1.5% of entire trading capital that one has and sizing should be done accordingly.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis
I have labelled HDFC BANK chart with an impulse count as it was following impulse count's rules.
It seems like we are about to complete 5 wave impulse pattern on the upside.Following are the reason behind impulse completion or wave 5 of an impulse completion
1)Price wise target of wave 5 is almost done when it made high of 1725,considering wave 5 to be of an equal length as wave 1.
2)From candlestick point of view we have Dark cloud cover sort of pattern on 18-10-2021 which was followed by inside bar in yesterday's trading session and today we have breached low's of DCC candle.
3)On the upside we have significant call OI @ 1700,1680 and 1660 levels.
4)If we get close below 1625 in coming week,it would also be a sign of impulse termination on minor degree, as this would breach minor 0-B TL of minor wave 5.
5)We are also nearing cycle low's period meaning a sharp decline can come
It's an agressive trade to short at this point(cmp 1570),but worth taking as upside risk is only of 30 rs where as on the downside 1600,1575 & 1535 would be the potential target levels.
Trade risk should not be more then 1.5% of entire trading capital that one has and sizing should be done accordingly.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis