Infosys - 900 Sikka Chal Gaya! What Next?

WaveTalks Updated   
From the previous post- Double Power-Bottoms & Trendlines-Can it hold, we had the opportunity to buy Infosys in the range 900-920 as it was strong zone & suggested that we were looking for 1090 & 1135 as target zones- but we all know financial instruments never move in a straight line. So, I am back here for the community.

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.

Trading Strategy

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 support zone.

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

22:18 Hrs 20th Feb2017

Closing price@1030

That was amazing solid move it was slightly above 992 -started from 993 to 1031.

Best Regards,
Abhishek H. Singh
​Growth Director - TradingView India

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