As shown currently we are witnessing irregular wave 4 correction of the impulse sequence that started from the lows of 22.25.Going ahead if stock manages to hold above 36.00 levels then we can expect wave 5 target of at least breaking previous swing high of 49.05 which is still about 25% from current levels.
Hence one can initiate long at cmp of 37.56 with a stop-loss of 36.00 and targets of 49/53/68.Mind well this are target for wave 5 not for wave x.
Here not describing wave x scenario as one cannot anticipate wave 4 correction becoming WXY complex correction instead of simple irregular correction.
Disclaimer:This are just my views on this stock,no position should solely be held or initiated on its basis,posting this for my future reference.
Hence one can initiate long at cmp of 37.56 with a stop-loss of 36.00 and targets of 49/53/68.Mind well this are target for wave 5 not for wave x.
Here not describing wave x scenario as one cannot anticipate wave 4 correction becoming WXY complex correction instead of simple irregular correction.
Disclaimer:This are just my views on this stock,no position should solely be held or initiated on its basis,posting this for my future reference.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.