IOC has run a lot . If Intermediary (3) is ending it will correct to minimum Rs 405 and more. Now the great puzzle is, is the wave v - circled in minor 5 extending . There are two points
1. RSI is equal at iii and v- circled . iii should have the highest RSI.
2. Although volume is not more than in iii or (iii) . But is rising in v - circled.
3. Wave iii - circled is less than 1.618 extension
So sell with a stop loss of 429 and a target of 405 .
But we are at the topping zone of (3) . A big correction in (4) is round the corner .
1. RSI is equal at iii and v- circled . iii should have the highest RSI.
2. Although volume is not more than in iii or (iii) . But is rising in v - circled.
3. Wave iii - circled is less than 1.618 extension
So sell with a stop loss of 429 and a target of 405 .
But we are at the topping zone of (3) . A big correction in (4) is round the corner .
Comment:
Do not short right now . It has to complete a wave 5 . May take it up to 450 levels.