Indigo - A low risk short set up
Updated
Rationale:
Primary 3rd wave seem to have ended at 5035 (charts with counts are attached); and from there on, I could see 3 wave down from the top and a three wave rise from the bottom. Hence, the move appears to be corrective.
Price is getting rejected at the supply zone of 4700-4800. And I consider this a X or B terminating the upmove.
If the seller at 4700 is to take over, then he can easily push it down again to 3700 levels or lower)
I expect this final leg of correction to hit 3300-3500 levels. break of 4190 would give additional confirmation
View becomes invalid if the price goes above 4700. Low risk trades can keep 4650 as SL
Daily Chart with counts:
on very very short term, price has completed 5 wave impulse, and a pullback towards 4630 cant be ruled out
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
Primary 3rd wave seem to have ended at 5035 (charts with counts are attached); and from there on, I could see 3 wave down from the top and a three wave rise from the bottom. Hence, the move appears to be corrective.
Price is getting rejected at the supply zone of 4700-4800. And I consider this a X or B terminating the upmove.
If the seller at 4700 is to take over, then he can easily push it down again to 3700 levels or lower)
I expect this final leg of correction to hit 3300-3500 levels. break of 4190 would give additional confirmation
View becomes invalid if the price goes above 4700. Low risk trades can keep 4650 as SL
Daily Chart with counts:
on very very short term, price has completed 5 wave impulse, and a pullback towards 4630 cant be ruled out
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
Trade active
4300 came in style.. but I missed it with a slight doubt that the price could possibly pullback to 4600 on shoter TF.. but the expected pullback didnt happen and the price fell. hard luck..
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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