Insecticides India - Upward journey to continue
On Weekly/Monthly chart it seems we are in a great long 3rd wave in progress. On Daily chart, we may have just completed 4th wave and might enter 5th wave on the yellow trendline break as shown hereby.
We will have to see the price action and momentum near 640s and 650s and then plan to seek an upward journey until end of 5th wave on Daily time-frame.
There is a great demand zone on daily chart too from which price is trying to bounce up. So let's wait and watch.
This is a good scrip for educating and practicing ourselves on Elliott Wave and Demand-Supply models with Price Action as primary staple diet :)
We will have to see the price action and momentum near 640s and 650s and then plan to seek an upward journey until end of 5th wave on Daily time-frame.
There is a great demand zone on daily chart too from which price is trying to bounce up. So let's wait and watch.
This is a good scrip for educating and practicing ourselves on Elliott Wave and Demand-Supply models with Price Action as primary staple diet :)
Comment:
As you can see, the price broke the Demand zone and is now trying to consolidate around 540-550s (above 1st wave top). If the price retraces 50% upwards from recent swing low then we can still see this trade opportunity as active and look for 620-640-650s to be taken out upwards. Let's wait patiently for same.
Order cancelled:
It seems correction is still happening. Let's wait for price to accumulate and then we will see how Price Action, Elliott Model and Demand Supply Model works out for any new upwards trade opportunity. As of now, this trade stands cancelled.