The Rally from 58.80's to 200 seems to be impulsive & looks like a medium term top is in place. Since the top@200- the correction, which has started looks like it completed the first set@179 on 27th Feb2017- Post that there was a jump close to highs of 200 -surpassed & made a new high@202-203 & currently falling back in an impulsive manner.
Trading Strategy
Long Term Strategy- We shall be looking for 38.2% retracement in 6-8 months, which falls exactly in the double bottom zone of 145-147 & could act as an important zone in the future.
Short Term Strategy- If in coming sessions it moves in the zone 193-195 & starts falling back below 192-190 zone that could be looked as selling opportunity keeping stops of recent high & targets below 185-187 zone.
You would love to read my previous updates
Hindalco 2016 Diary- Blessed with Double Bottom at 147- includes all nested analysis
Nested Analysis- All previous analysis included in 2016 Diary.
@trex88, Draw this triangle image on the new Hindalco post I have published.
k314
⋅
@AbhishekHSinghCMT, Sure sir
jayant999
⋅
from 185 there is clear ABC , Is 145 to 200 start of new impulse ??
WaveTalks
⋅
@jayant999, Its a complex wave -4 from 165 as W-X-Y which ended at 147-148 zone. Seems that first 200 mark finished wave for sequence & looks irregular flat A-B-C where C-can move down. Any sustained move above 200 shall force to look for alternatives. but if 190 & 186 gets broken in between that could be sign of bears coming back.
jayant999
⋅
@AbhishekHSinghCMT, Thanks for the detailed update .
jayant999
⋅
sir third attempt to 200 zones ... this time may head 220 levels
Brijeshdobariya
⋅
Sir 5th wave can not smaller dont short frnds
WaveTalks
⋅
@Brijeshdobariya, See- whenever you write a comment always be exact -rock to the bottom- don't leave any room for questions. 5th wave cannot be smaller as compared to ?-- & as suggested above price went close to the zone 193-195 & made a high@191.35 & started falling below 192-190 zone, then I said we will take sell as a short term strategy for targets below 185-187. It closed at 187.60 in last session so likely it was 2-3 points intraday gain if you would have taken short going below 190. Now we have stops above 191.35 which is recent high, so you are losing 2 points if trade goes against if someone holding the trade & in favour it gives 10-15 points initially which is a good risk reward in any trading strategy OR
You are trying to suggest a call with 100% profit & no risk at all- If that is the case then I must salute you.
My style of trading -if you have not noticed then do read completely the strategy portion which I always discuss in the post- I never trade just because of emotions & catch a running train. I always trade with confirmation-which most of followers are aware. In this case if someone has taken short post going below 190 -he could or should have trailed his stops to cost price or entry price of selling which will make him win the trade & lose just brokerage. Also, Please do not get carried away with numbers -just writing 1-2-3-4-5 does not mean that you will go & sell everything so I always trade with confirmation. Lastly, Have you noticed one thing on the chart next to 5th wave- (Proposed) I have used "question mark" which always tell that it is a possible scenario.
here is my perspective... please correct me if i am wrong...