As per the previous post, we took profits at1000 & are out & waiting at the sidelines - post that 1000 -it made a small high@1014 & had a sharp fall to 992 lows which could be part of correction- as it is a countrend move -I hardly play for these moves as they can be a nightmare because corrections can give money no doubt but more than that it will raise your blood pressure(B.P.)- So, what is the use of that money if one has to spend it checking doctors.
Possible path has been shown next to price structure -how Infosys could move next, recovery from 992 shown as blue arrow is the toughest & one should wait as suggested below.
Current Scenario- Selling below 992 with stops above 1014
The fall from 1014 to 992 was sharp & currently doing sideways likely it continues down to 975-980 zone where circled wave ii-iii gets retraced by 38.2% & retraced 50% in the zone 965-970 where selling positions could be booked likely can act as .
Finally, we will come back again to join the medium term trend which is upside to catch the big fish for zone 1030-1040 as the next target zone.
You would love to read my previous update
Infy- DoublePower- Bottoms & Trendlines- Can it hold
That was amazing solid move it was slightly above 992 -started from 993 to 1031.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ