Primary : wave 2
Intermediate : wave B
So far we are done with the 5 wave impulsive rise on intermediate degree in Maruti there by completing Primary wave 1 @ 8308 on 22-01-2021 and since then we are seeing wave 2 correction unfolding on Primary degree.
In this Primary wave 2 we are done with intermediate wave A and wave B is currently going on,which is nearing it's end.Post this we can see impulsive wave C unfolding to complete FLAT corretion.
Scenrio 1):If on Monday ie 23-11-2021 we see close below 8000 we can assume that wave B on intermediate degree is done as we can clearly see that prices was going up in channel and reversed precisely after reaching upper end of raising channel add to it we also had 100% retracement level of intermediate wave A at 8308 which we achieved in yesterdays trading session so going ahead we can see impulsive move unfolding on the down side to complete intermediate wave C if prices close below 8000 on monday.As of now we are yet to get confirmation of wave B ending hence one should wait for a close below 8000 in order to trade wave C on the short side.
Scenario 2):If price continues going up,in that case we can still assume that wave B is yet not finished.On the upside we have a intermediate wave A 123.6% retracement coming at 8750 and 161.8% extention of minor A coming at 8841 there by creating a rasistance zone of 8750-8840(roughly 1% range).If price faces rejection in this zone and closes below the low of candle with highest high then we can assume that intermediate wave B has terminated over there.
Scenario 3):If price crosses 8850 and stay's above it for couple of day's then this count will be invalidated,and we can assume new impulse in form of Primary wave 3 has started.
Personal view:I am favouring first and second scenario over third because we have not seen price achieving 61.8%% extention of intermediate A during the fall of minor B,meaning intermediate B is also sub divided in three waves.Also if we consider time factor then wave B generally takes more time then wave A which is not the case if we consider minor A of intermediate B as entire intermediate B.Hence we can assume that wave C on intermediate degree is not.If we get an impulsive fall from current levels then we can expect prices to fall between 7190-6460 zone.
Action to be taken:
Observe price action and see which of the above scenario is ful-filled,in case of scenario 1 or 2 getting fulfilled one should look to take trade on the short side keeping highest high of the candle from where the prices has reversed as initial SL,which should be trailed ob day to day basis.In case of scenario 3 one should wait for prices to consolidate and should avoid taking trade as risk reward would not be favorable at that point of time.If trade should be taken by following money management and risk management principle's and sizing should be done accordingly.
Disclaimer:Analysis shared is only my view and trade should not be taken solely on it's basis.I am posting this analysis for my future reference purpose.
Intermediate : wave B
So far we are done with the 5 wave impulsive rise on intermediate degree in Maruti there by completing Primary wave 1 @ 8308 on 22-01-2021 and since then we are seeing wave 2 correction unfolding on Primary degree.
In this Primary wave 2 we are done with intermediate wave A and wave B is currently going on,which is nearing it's end.Post this we can see impulsive wave C unfolding to complete FLAT corretion.
Scenrio 1):If on Monday ie 23-11-2021 we see close below 8000 we can assume that wave B on intermediate degree is done as we can clearly see that prices was going up in channel and reversed precisely after reaching upper end of raising channel add to it we also had 100% retracement level of intermediate wave A at 8308 which we achieved in yesterdays trading session so going ahead we can see impulsive move unfolding on the down side to complete intermediate wave C if prices close below 8000 on monday.As of now we are yet to get confirmation of wave B ending hence one should wait for a close below 8000 in order to trade wave C on the short side.
Scenario 2):If price continues going up,in that case we can still assume that wave B is yet not finished.On the upside we have a intermediate wave A 123.6% retracement coming at 8750 and 161.8% extention of minor A coming at 8841 there by creating a rasistance zone of 8750-8840(roughly 1% range).If price faces rejection in this zone and closes below the low of candle with highest high then we can assume that intermediate wave B has terminated over there.
Scenario 3):If price crosses 8850 and stay's above it for couple of day's then this count will be invalidated,and we can assume new impulse in form of Primary wave 3 has started.
Personal view:I am favouring first and second scenario over third because we have not seen price achieving 61.8%% extention of intermediate A during the fall of minor B,meaning intermediate B is also sub divided in three waves.Also if we consider time factor then wave B generally takes more time then wave A which is not the case if we consider minor A of intermediate B as entire intermediate B.Hence we can assume that wave C on intermediate degree is not.If we get an impulsive fall from current levels then we can expect prices to fall between 7190-6460 zone.
Action to be taken:
Observe price action and see which of the above scenario is ful-filled,in case of scenario 1 or 2 getting fulfilled one should look to take trade on the short side keeping highest high of the candle from where the prices has reversed as initial SL,which should be trailed ob day to day basis.In case of scenario 3 one should wait for prices to consolidate and should avoid taking trade as risk reward would not be favorable at that point of time.If trade should be taken by following money management and risk management principle's and sizing should be done accordingly.
Disclaimer:Analysis shared is only my view and trade should not be taken solely on it's basis.I am posting this analysis for my future reference purpose.
Trade active:
First tgt reached,now we have 200 ema @ 7200 and falling channel upper line support at cmp.Unless price close's above previous days high one can stay short