I would have gloated that how prescient I was. But actually there is something wrong with my wave counts which I can't put a finger on as yet. Time will tell what exactly is wrong. As long as we are broadly in profit overall, we will use this count.
Long Term: I think the short term correction is over. This means that the rally that started around end-June is over. But that end June rally was itself part of another rally that started around early June. The early June was a part of the rally that started around early April. The early April rally was a part of the rally that started around covid lockdown time when. the massive US stimulus was announced. The entire structure is close to completion.
Medium Term: We are presently in the wave v. Wave iii barely met its target. The wave v is not expected to do much. This will close the third wave (i.e. the most powerful wave) of the rally that started around early June. There will be a correction after that. We will come to it when that happens.
Short Term: We are in Wave v. The inner wave i seems to be over also. As the week progresses, it could go upto 11370 or 11730. We'll see.
How would I trade this? We already have a long position at 10,900. This is giving us a profit of Rs. 10,125 right now. I would hold and let the profit run. Target 11370, i.e. profit of Rs. 35,250. If you are adventurous, you could hold on till 11,730, i.e. profit of Rs. 62,250. Stop Loss at 10550 (i.e. loss of Rs. 26,250).
Long Term: I think the short term correction is over. This means that the rally that started around end-June is over. But that end June rally was itself part of another rally that started around early June. The early June was a part of the rally that started around early April. The early April rally was a part of the rally that started around covid lockdown time when. the massive US stimulus was announced. The entire structure is close to completion.
Medium Term: We are presently in the wave v. Wave iii barely met its target. The wave v is not expected to do much. This will close the third wave (i.e. the most powerful wave) of the rally that started around early June. There will be a correction after that. We will come to it when that happens.
Short Term: We are in Wave v. The inner wave i seems to be over also. As the week progresses, it could go upto 11370 or 11730. We'll see.
How would I trade this? We already have a long position at 10,900. This is giving us a profit of Rs. 10,125 right now. I would hold and let the profit run. Target 11370, i.e. profit of Rs. 35,250. If you are adventurous, you could hold on till 11,730, i.e. profit of Rs. 62,250. Stop Loss at 10550 (i.e. loss of Rs. 26,250).
Comment:
And as always, I could be right, I could be wrong. I am always learning. Trade at your own risk.
Trade closed: target reached:
Profit Target reached!