MCX and the EW Counts
Updated
CMP: 6530
MCX is one of the best stocks I have come across in recent times to study/practise EW counts.
Such a wonderful set up with multiple sub-divisions playing out perfectly.
The chart published here is the 5 wave impulse from 2917 levels.
We are at the final 5th and this can either extend or terminate anytime depends on the market conditions. Since the 5th has gone past the 3rd wave high, technically, we can mark the 5 wave has ended here. The possible extension targets are marked in blue dotted lines.
Breakout of the falling trendline of the recent fall from 7050 would give us confirmation
If it breaks the 2-4 trendline (RED), then can safely assume that the uptrend has ended on this impulse.
Here is the chart on weekly TF
Here is the larger TF count for positional investment view
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
MCX is one of the best stocks I have come across in recent times to study/practise EW counts.
Such a wonderful set up with multiple sub-divisions playing out perfectly.
The chart published here is the 5 wave impulse from 2917 levels.
We are at the final 5th and this can either extend or terminate anytime depends on the market conditions. Since the 5th has gone past the 3rd wave high, technically, we can mark the 5 wave has ended here. The possible extension targets are marked in blue dotted lines.
Breakout of the falling trendline of the recent fall from 7050 would give us confirmation
If it breaks the 2-4 trendline (RED), then can safely assume that the uptrend has ended on this impulse.
Here is the chart on weekly TF
Here is the larger TF count for positional investment view
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
Trade active
The short term correction seems to get over at 6425-6400 levels..
Ideally, the price shouldnt go below 6380.. Hence, MCX is now a low risk buying opportunity (SL of 6380).
I am a buyer here..
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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