Reason 1: We can short
ONGC
around 190 zone since we have a breakout this could mean that wave 3 has ended and wave 4 is about to start.
Reason 2: Wave 4 is exactly 38.2% Fib level away wave 3.
Please post your comments and let me know what you think
ONGC
around 190 zone since we have a breakout this could mean that wave 3 has ended and wave 4 is about to start. Reason 2: Wave 4 is exactly 38.2% Fib level away wave 3.
Please post your comments and let me know what you think
Comment:
Comment:
We are possibly seeing wave 3 at 161% end and start of wave 4. This should go up and test 191 level.
Trade active:
We can short this around 190 area with stoploss around 193.
Trade closed manually:
Our stop had been hit.
Comment:
This was a good trade even though trade had to be closed. The most likely culprit is institutional buying of stock. Stock had been rising quite fast and has now corrected just as fast right after making a high of 194.75 and taking out our stoploss at 192. ONGC has corrected 2.7% in the last trading session. More selling would be on the counter if it takes out the 178 mark.
