AS I WATCHED THE RHYTHM CAREFULLY I FOUND IT IS FOLLOWING A PATTERN AND FOLLOWING IT CLASSICALLY. SO, IT MUST NOW RETRACE UPTO ATLEAST 1.0 % WHICH WILL BE 199. STILL A GOOD EXPECTATION.
I DONT THINK IT WILL GO BELOW ITS PREVIOUS LOW, STILL FOR SAFETY MATTERS STOPLOSS TO BE SET AS 170 AND RISK REWARD WILL BE 1:2.
Anyone who is willing to trade on this strategy should draw a trendline at the lowest price of Friday close at 52 degree.
Longer time frame traders can set a gann fan, 1/1 level at 52 degree and can use for support and resistance.
And short term traders should use this 52 degree trendline as stoploss in one hour chart.
PJ_2020
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Thanks.. What usually happens after Wave C.. ?
Somanathrout
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@PJ_2020,
Wave C can be long upto 4.29% as far as I have studied. And truth is most of the time it's wise to follow the price action rather than anticipation.
After C wave a new fresh momentum can continue in the upper direction or trend reversal can also happen.
I had posted itc weekly view and there a bearish 5th wave is on the way. So, this calculation of C wave also has counter trend that is the 5th wave (longer time frame). 199.4 maybe the highest expectation for the time. And if it touches the target will have to wait and watch the price action there.
Longer time frame traders can set a gann fan, 1/1 level at 52 degree and can use for support and resistance.
And short term traders should use this 52 degree trendline as stoploss in one hour chart.