One can go short in PEL as we are in the middle of regular flat correction Wave B of which took a form of neutral triangle there by forming Head and shoulder top pattern neckline of which got terminated at 2500 levels with faster retracement indicating end of wave B and start of wave C.Considering this as a regular flat wave C can unfold an 5 wave impulsive decline taking prices to flat target of 2320 and 2210.On the upside stop-loss can be kept at 2530 on hourly closing basis.
Conservative Target is about 140 rs and risk is of 80 rs, there by giving us risk reward of 1:2,where if second targets is considered then risk reward is 1:4
Disclaimer :This are just my views no position should be build or exited on its basis.I am posting this analysis ofr my future reference purpose.
Trade closed: stop reached
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will provide updated view
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We are in wave e sub wave a sub wave 5 which would complete if we get a 15 min candle close below 2535,which would start wave e sub wave b,hence it has possibility of going down once wave b starts and retest 2520-2500 levels.
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we are in wave 5 of wave A,this wave 5 seems to be making ending diagonal,hence for short term buying should be avoided and once we get bearish reversal candle along with lower red trendline breach will confirm end of sub wave 5 of wave A and would begin wave B decline.we have a strong suppy zone between 2610-2620 levels and i am expecting this advance to stop in that area.Also we have negative divergence on RSI indicating fading momentum.
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Updated labels.Wave E thats shown on 22nd dec update seems to have taken a form of triangle instead of zigzag.It seems like sub wave E of wave B of higher degree(intermediate degree) completed near 2620 high's and we have started wave C on intermediate degree which can take price to intermediate wave A low's or even beyond.Short can be initiated once we see first 15 min candle's low gets taken out with a stop-loss of 2620 on hourly closing basis with a target of 2430 and 2380
Yes, Looks like it will come down to 2500 to complete B. But I will hold for C. what do say.?
UNDERDOG-29
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@TKMum, i think B on intermediate degree(shown in whitish blue font) has already been completed,check the update attached above.Earlier i was expecting minor wave E of intermediate B to be a zigzag,but last leg doesnt show strong momentum against the longer term trend and has have shifted counts.
TKMum
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Hi, Can you please again update, How PEL can move tomorrow? Please .
TKMum
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Hi, PEL went up today. will it come down tomorrow? please update your views. thanks.
UNDERDOG-29
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@TKMum, I have updated my view,let me know if you have any doubt