Infosys became favourite stock of mine as I was fortunate with 10+ updates between 900-920 to back again 900-920 - with 90% strike rate.
Started 900-920 Zone
Ended upside at 1040-1042 Zone- What a fall - Got extended & tested patience of all traders as well- But Kissed our target Zone 900-920
The fall from 1040-1045 Zone had an extended wave 3 which internally has divided into 5 waves of itself.
It travelled close to 361.8% of Wave-(i) low@1008 projected from wave -(ii) high@1032- Still remember it opened gap up when trading in wave (ii) rushed upside above 1005 like a rocket, but we were very clear again that unless it goes above 1035-1037 zone- we are not expecting Infosys to travel above highs of 1040-1045.
We are looking for wave-iv which will travel following objectives next
of wave-(ii) & wave-( iii ) comes at 950
comes at 970-975
comes at 985-990- which is the maximum retracement -I shall expect incase this upside move extends beyond 935.
Post Retracement -It should travel back below 913 -double bottom lows to complete its final wave sequence of the series which started from 1040-1045.
If expected upside move extends deep even above 1007--1009 Zone then we shall come back for review -forecasting or considering alternate scenario.
Moving above 935 -we shall look for 950- 970 & later 985-990 as discussed above - Strict stops have to be maintained below 912-913 ( Zone)
All previous analysis of Infosys can be referred in my profile page.
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Turned down, kissing 935.55, Only above 935 -sustained move we shall be looking upside.
What do you think -tripple bottoms at 910-913 zone. Think So.
Convincing trade shall be breakout & sustained move above 935 or breakdownside & sustained move below 910/913.
Sideways consolidation is timewise consolidation so break of 910 should be looked for a downside trade.
else strategy should be buying in the zone 910-912 for targets 925-930 & Selling in the zone 929-933 for targets 913-915.
Started Moving above 935 - We are in the trade.
Poke above 935 & making new high just below 940's has broken the upside range for Infy.
We can look to hold long positions in 933-935 or in the zone 925-928
Careful at 930-935
Impulsive Fall from 940 handle to 920 lows in opening session today looks like it has put wave-iv pink in place which has retraced only 23.6%- shallow retracement of wave ii-iii distance (1032 to 913)- 23.6% comes at 940.
But we will still wait to take short positions below 920-today's low
Previous long positions we will exit close to 927-930 range & be careful for next moves.
Going below 920 - Selling with latest high below 940 as stop loss- means high which will form just now below 940 highs. Once starts falling below 920 activates downside.
Just jumped from 920 lows -mini double bottom- Our sell was to activate below 920
I shall look for 927-930 bracket as suggested earlier.
Jumped - as expected to 927-930 Zone
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ