I could be completely wrong here.. But the chart set up/counts indicate that the price has completed Cycle top followed by corrective moves A and B.. and I am eying for the C leg down..
Or, it could be possible that B wave hasn't ended yet, it could go past 56K as well and then come down..
For now, price is trading inside the supply zone of Nov'22 Sellers. I am looking for a break and close below 45300 by tomorrow (Weekly close) to initiate a trade on the short side..
Since this is weekly, and the price has multiple touch points, as well as, option chain is illiquid, I wouldnt advise trading F&O on this counter..
Trail Positional holdings with Strict SL..
Or, it could be possible that B wave hasn't ended yet, it could go past 56K as well and then come down..
For now, price is trading inside the supply zone of Nov'22 Sellers. I am looking for a break and close below 45300 by tomorrow (Weekly close) to initiate a trade on the short side..
Since this is weekly, and the price has multiple touch points, as well as, option chain is illiquid, I wouldnt advise trading F&O on this counter..
Trail Positional holdings with Strict SL..
Trade active
46K to 45K.. riskfree trade now.. Lets see what's in store on this counter..
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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.