Regression Trend + Three Drives Pattern Long

INDIAN OIL CORPORATION LTD.BSE

Description

⋅ Feb 18, 2021 6:29 PM

Important levels are marked on the chart along with the trade Setup.

Please Note : There are some minor deviations off the exact 0.618 and 1.272 Fibonacci extensions on A and C, and B and D respectively.

I'll shortly update this analysis for the upcoming short trade, once this works best.

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Trade active

⋅ Feb 19, 2021 4:03 PM

Trade active

⋅ Feb 25, 2021 5:27 PM

Trade closed manually

⋅ Mar 2, 2021 4:32 AM

TP 1 Hit
(Partial close)

Comments

jille_laahi

⋅ Feb 19, 2021 10:24 PM

sir, it bounced back from 100.50 twice, do you think it will break it and move up? any approx time horizon?

MAYHEM_ORDERFLOW

⋅ Feb 20, 2021 4:17 PM

@jille_laahi, I don't see any significant weekly or daily resistance near the 100.50 level. And as per the Fib Retracement levels of the Three Drives Pattern that has formed so far, the next high would be somewhere around the 107-108 levels. I am guessing it might make an up move to the aforementioned levels.

jille_laahi

⋅ Feb 22, 2021 1:13 PM

looking on today's trade, seems all fibbonaci's, EMA's and rest of the indicators doesn't actually works 🤦😔. god knows when will it recover now.