Short ONGC around 188 to 190 Short

OIL & NATURAL GASNSE

Description

⋅ Apr 30, 2017 4:48 AM

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

Comment

⋅ May 1, 2017 3:25 PM

Comment

⋅ May 1, 2017 3:30 PM

We are possibly seeing wave 3 at 161% end and start of wave 4. This should go up and test 191 level.

Trade active

⋅ May 2, 2017 4:42 AM

We can short this around 190 area with stoploss around 193.

Trade closed manually

⋅ May 2, 2017 8:17 AM

Our stop had been hit.

Comment

⋅ May 6, 2017 2:51 PM

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.

ONGC

Comments

sakesh1858

⋅ Apr 30, 2017 7:33 AM

wave 2 can never retrace more than 100 percent of wave 1

inderjeet05

⋅ Apr 30, 2017 7:35 AM

@sakesh1858, agreed but which wave 2 are referring to which has retraced more than 100% of wave 1?

sakesh1858

⋅ Apr 30, 2017 7:44 AM

@inderjeet05, near 210 high

inderjeet05

⋅ Apr 30, 2017 7:49 AM

@sakesh1858, Thanks for pointing it out. Let me look into it.

inderjeet05

⋅ Apr 30, 2017 8:25 AM

@sakesh1858, This idea is still valid if you do not consider wave 2 intermediate. For this idea to work i was trying to bring to your attention wave 1 which is behind the finger pointed up(on date 2/13).

Instead of intermediate wave it should be a correction ABC pattern which i will update soon.