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Leading Diagonal (Type 1 Diagonal) Question in Level 3 CMT Exam
-------------------------------------------------------------------------------------------- Real-Life Story - In 2015 - Got Question in The Final Level 3 -CMT Exam - What is Type 1 Diagonal which I got a logical solution just by connecting the pieces & thinking about Ending Diagonal (Type 2 Diagonal) which ends the structure whereas Leading Diagonal (Type 1 Diagonal) starts the structure- helped me to crack the question.
Questions which we need to ask ourself in the current scenario - Is this a Big Leading Diagonal from 7512 to 10552 then also deep retracement is possible & holding 7700-8000 zone with minor supports 8800-9000 can open the extreme bullish scenario
Selling From 10540-10560 as suggested in the previous video ideas & status update or Sell Below 10300 for 10000 / Below 9950 for 9700-9725 / Below 9700 for 9550 -More on the downside if 9500 gets broken
Intraday 10200 would be minor support & if Nifty crosses above 10225 & holds above that level then expect upside push for 11300 / 11350 /11375 targets as relief targets to sell later.
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Sorry Typo Mistake Again - Expect Upside Push to 10300/10350/10375
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13:47 Hrs / 25th June 2020
Last price @ 10318
Hurray!!!
Nifty Jumps 100 points above the expected level of 10225 - running for target 2 - 10350 & 10375 next
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13:51 Hrs / 25th June 2020
Last Price @ 10350
Target 2 done ---------------------10350 - Heading Next for 3rd Target 10375
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15:17 Hrs / 25th June 2020
Last Price @ 10279
Strictly -If Holds Above 10275 - We look for Upside Push to 10350 & 10375 else we close for the day.
Thanks & Goodbye
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Photo for all my followers
1st upside rally we got from 10225 to 10350 - Next Expecting back to 10350/ 10375 if Index holds above 10275
Current low was 10270 - Can we get it? (Going below 10275 - We won't participate)
Trade closed manually
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09:22 Hrs / 26th June 2020
Last Price @ 10365
Index Completed 100+ Points push & completed our upside target. Thanks & Good Bye
The wave count satisfies 5-3-5-3-5 for a leading diagonal. However as the name suggests to lead a move shouldn't the leading diagonal also be in the same direction.. .. I mean if it was a bearish move then shouldnt the leading diagonal point downward...(descending) and not ascending... Just a question ?
WaveTalks
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@sabu_m, Once the higher degree wave -leading tonal is done - we have retracement so we are expecting fall from the tops at 10550 as suggested in ITC Video / Reliance Video Ideas as a warning to all followers. If falls extend below 8000 Then I will be little cautious as chances of becoming a bearish pattern would be higher, in that case, I won't take this as leading diagonal.
WaveTalks
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@sabu_m, Correction- Typo error - Its "leading diagonal" instead of "tonal" written by mistake
Bittuquadir
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great ideas Sir, thanks for valuable information..