AbhishekHSinghCMT

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

Short
NSE:INFY   INFOSYS LTD
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

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.

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.

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
​Growth Director - TradingView India

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