AbhishekHSinghCMT
Short

Infosys- Elliott Wave Triangle-Traded 4 legs -Final Leg & Boom?

NSE:INFY   INFOSYS LTD
749 11 12
Fortunate to trade 4 legs back to back within the triangle makes this stock special for me.

From 1030 highs where wave-3 got completed it looks to trace out an irregular triangular correction whose b-wave is allowed to go beyond the start of a-wave             which has been marked 1030. b-wave travelled from 986 lows to 1036 in a complex manner which was traded from 1000 to 1030-1035 zone. c-wave             which started from 1034-1036 travelled to 999 -we traded from 1025-1027 zone to 1010. d-wave which is the 4th leg in the triangle -we traded above 1015 to 1027-day high@10th March2017.

Irregular Triangle Correction
Image
snapshot


Leaving Image -all previous analysis, which are listed below can be clicked for more details.


Looks like we are in the final leg, which started from 1027-1028 day high@10th March2017 -shall be looking for break below 1018-1020 zone for final leg downside.

Remember
If this is a triangle our key level@999- ending c-wave             should not be broken downside otherwise this structure gets invalidated.

What Next?
We are looking for the zone 1005-1008 holding 999 as key level & critical level@986- In the future we shall look for the upside move taking it beyond 1036 High & X-Factor@1040.

Trading Strategy
Infy             should sustain below 1018-1020 zone-for valid structure,then we look for 1005-1008 as target zone or below 1034-1036 zone- so we shall be looking for downside turn & the final leg.

How it started ?

Part 1- Double Power- Bottoms & Trendlines - Can it Hold? - Result- Double Bottom in the Zone 900-920 & retesting of trendline gave Infosys             the start in wave-3 which travelled to 1030 - yes we booked profits from 920-1000 in the centre.


Part 2- Wave-3 travels exactly 261.8% at 1030


Part 3- Falls from wave-3@1030 to 986 - the first leg in the proposed triangle scenario.


Part 4- b-leg of the triangle tasted from 1000 to 1030-1035


Part 5- c-leg traded with Magic of X-Factor



Trade active: 13:06 Hrs 14th March2017

Last Price@1033.45

Poking above 1036 in today's session@14th March2017 - can be a possibility of having short & stubby -- "e-wave" in the triangle which ended 1017-1018 zone in the last session.

So, keeping above 1017-1018 zone & if it crossess today's high@1042 -it is heading upside for targets.

snapshot
Trade active: 10:15 Hrs 15th March2017

Recent High@1042

We need to be cautious here as going below 1017-1018 it is giving signs of completing the rally which started from 900-920 zones.

snapshot
Trade closed manually: 11:05 Hrs 15th March2017

Last Price@1017

As suggested looking doubtful -it broke 117-118 zone. Shall be looking for a bounce to 1024-1027 zone to close this long call. Any future calls are only above 1042 swing high.
Trade active: 11:28 Hrs 15th March2017

Last Price@1011

Infy fall is getting extended.
Trade active: 11:32 Hrs 15th March2017

Last Price@1010

Next Support comes in the zone 1003--1005 zone.
Trade active: 11:45 Hrs 15th March2017

Last Price@1011.50

Intraday if someone taken short positions close to 1020 levels they should likely book partial profits & wait for a bounce to sell again.
Trade active: 15:09 Hrs 15th March2017

Last Price@1012

Has eaten 3 hrs for just 4 point sideways move so we booked profit & sell at bounce was suggested at 11:45 Hrs above.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hi Abhishek,
I am holding 1060 CE @ 5. So should i keep 1003-1005 zone on closing basis as a stop to exit?
also, what kind of bounce should i expect to exit position.
thanks.
Reply
@ChintaX, No it falls first, then has do sideways to positive bounce & we decide for exit to futures contract if someone holding long. Options are little tricky as time component usually kills. Next I am looking for fall atleast in the zone 1000-1005. Telling bounce right now is tough unless we see next round of trading.
Reply
@ChintaX, Hi, We got the bounce to 1025-1027 zone. I have just published a new update.Hope that helps you.
Reply
Do you expect Infy to go below 1000 levels? If so, where can we go long?
Reply
@VPS, If 1042 which I am doubting as completion of this rally, which started from 900-920 zone, then it travels below 900- we will have to check this again in 2-3 days how it shapes the structure. Today's fall is giving initial clues about the top@1042.
Reply
VPS AbhishekHSinghCMT
Thank you.
Reply
happy holi to u n ur family dear abhishek
Reply
@VimalVashisth, Wish you the same VimalVashisth ji.
Reply
If it breaks the 'c' wave key level at 990, then another possibility could be Expanded Flat Right??
Reply
@harishkumarhs, Let it break(or first happen), then we will come back. So, let us trade what is in present rather than thinking of future too deep.
Reply
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