AJAYSHARMA
Short

Is there any fuel left ?

NSE:IOC   INDIAN OIL CORP
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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 .
Comment: Do not short right now . It has to complete a wave 5 . May take it up to 450 levels.
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