MFSL- Complete analysis - Triangle formed at 1H Chart

Author uses Gann, Fibonacci and Wave Analysis along with his unique indicator which makes Price- Time and Volume Analysis very easy.

Please refer to above Daily and IH charts of MFSL.

Note: Do not refer to the chart with black back ground. Only charts with white back lines to be referred.

1. Red Line is the trend line drawn from the beginning of Wave 1, Low of Wave 2 and Low of Wave 4.

2. After taking support at Intersection of Red and Green LIne, Price has moved for Wave 5.

3. Personalized and amazing indicator of the Author shows that it is taking support at 45 degree level of 803..2.

5. Since Cycle of 5 waves is complete, it is likely to make ABC Waves in the opposite Direction.

6. Watch candles of last two days. Candle of Thursday is Green but that of Friday is red, no doubt it has crossed above low of green candle but did not engulfed it.

7. Please wait to buy at redline only.

8. Now. refer to one hour chart attached, Three candles of one hour chart are making trend lines but green line above is hurdle. Marked are two Black parallel lines, providing hourly support.

9. If black support lines are broken, price may retrace till red line. completing ABC Waves.

10. watch the volume bars now, huge green volume bar at the top of the price. Means, all the shares have been sold by smart money.

10. Moreover inverted Head & Shoulder pattern has also been formed in 5 minutes chart but that is not very relevant.

Conclusion: Price is most likely to trace back to the red trend line and then to up.

Disclaimer: Content has been created only for educational purpose and there is no recommendation, o BUY of SELL. The Author is not a SEBI Registered Analyst. please consult your financial advisor before making any decision.

Happy to share. Let's grow together.

Comment:

Buy, only when triangle formed between green and red thick lines is broken.

Comment:

Buy, only when triangle formed between green and red thick lines is broken in 1H chart.