It will starting a minor wave is within primary wave 3 . And if the correction is over it is in a minute wave 3 . So a 3 of a 3 of a 3 starting in the stock . Which means it is on the verge of the strongest move of its life time with a conservation target of 179 .
Now the dilemma . Is this the right time to buy
Pros 1. It has done a double zig zag correction . Triple zig zags are rare . 2. The correction reached the previous wave 4 of one lesser degree . 3, It is on the verge of a 3of3of3 . 4. The slope of the new move is sharper than that of the corrective structure . Cons 1. The correction did not retrace 38.2 % at 117 . But it turned around from 119 . I think its not a very big con . And augurs a bullish view. All will be clear moment its crosses 135 . So one can buy for a very sharp upmove with a SL of 124 taking the view this upmove may be the final x wave
Comments
jacktheGREAT
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another view
AJAYSHARMA
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@jacktheGREAT, This is also fine . General trend is up . But I am expecting an extension in wave 3 . Which normally happens . So a very swift move is expected . Bottom line is money .
jacktheGREAT
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@AJAYSHARMA, extension in wave 3 ? upto which level ??????
AJAYSHARMA
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@jacktheGREAT, The best way to ride an extension is to use trailing sl till ur stopped out .
another view