Long entry in Maruti 27th Sep Futures at 9166 on 31st August
- CMP is now at 50% retracement of the rise from 8255.5 (21st May) to 9929 (24th July). To me this seems like the ABC retracement of Wave-V is over and a new Wave-I could be starting. Some consolidation could happen of course, before it rises. (See Daily Chart on right)
- The Daily chart shows very significant level of support at CMP. Plus this is currently also at the bottom of the Ichimoku Cloud which provided support on 31st August. (See chart on right)
- The Weekly Chart low in mid-August bounced off the top of the Ichimoku Cloud and is now resting on the Kijun Sen Line. (See chart on left)
- Daily Stochastics have been gradually rising since mid-August from extremely low levels
- So there seem to be a confluence of factors supporting my decision to go long
- Max Call OI is at 9500 and 10000 with significant additions at 9300 strike. Max Put OI is at 9000 strike. (31st August). These numbers could form the basis for setting targets and SL
- Immediate targets could be around 9450-9500 and SL below 9000 or even 8800 on closing basis
- I have been closely tracking and trading Maruti since the last week of May. It seems to be following the Elliot Wave structure very clearly till now on the Daily Charts. Based on my earlier analysis posted here, my positional trades turned out very profitable.
- CMP is now at 50% retracement of the rise from 8255.5 (21st May) to 9929 (24th July). To me this seems like the ABC retracement of Wave-V is over and a new Wave-I could be starting. Some consolidation could happen of course, before it rises. (See Daily Chart on right)
- The Daily chart shows very significant level of support at CMP. Plus this is currently also at the bottom of the Ichimoku Cloud which provided support on 31st August. (See chart on right)
- The Weekly Chart low in mid-August bounced off the top of the Ichimoku Cloud and is now resting on the Kijun Sen Line. (See chart on left)
- Daily Stochastics have been gradually rising since mid-August from extremely low levels
- So there seem to be a confluence of factors supporting my decision to go long
- Max Call OI is at 9500 and 10000 with significant additions at 9300 strike. Max Put OI is at 9000 strike. (31st August). These numbers could form the basis for setting targets and SL
- Immediate targets could be around 9450-9500 and SL below 9000 or even 8800 on closing basis
- I have been closely tracking and trading Maruti since the last week of May. It seems to be following the Elliot Wave structure very clearly till now on the Daily Charts. Based on my earlier analysis posted here, my positional trades turned out very profitable.
Trade active:
The weekly candle is resting on the Ichimoku Cloud. Hopefully that will provide support
Trade closed: stop reached:
Closed SL hit. Engulfing daily candle seems to be forming which is not a good sign for long positions