Bull Case:
1. Rounding Bottom Breakout is in progress, pattern target is 2500+
2, Price is making HH/HH. Hasn't been impacted much during the market correction
3. Made a strong base at around 1500-1700 and have been moving up strongly. Dips are being bought
Bear Case:
Price is getting rejected at the 1.618% fib extension of the IPO base range.
Usually such rejections at 1.618% fib extension level, pulls back the price to breakout point. Here is an example of similar set up on LICI chart
Wave 3 seems to be completed on larger tf and a pullback is due. But no confirmation yet. Price is still making HH/HL structure, and this view is pre-emptive only.
On Short term, price consolidated around 50DEMA and gave a strong breakout. A retest to 50 DEMA cant be ruled out
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
1. Rounding Bottom Breakout is in progress, pattern target is 2500+
2, Price is making HH/HH. Hasn't been impacted much during the market correction
3. Made a strong base at around 1500-1700 and have been moving up strongly. Dips are being bought
Bear Case:
Price is getting rejected at the 1.618% fib extension of the IPO base range.
Usually such rejections at 1.618% fib extension level, pulls back the price to breakout point. Here is an example of similar set up on LICI chart
Wave 3 seems to be completed on larger tf and a pullback is due. But no confirmation yet. Price is still making HH/HL structure, and this view is pre-emptive only.
On Short term, price consolidated around 50DEMA and gave a strong breakout. A retest to 50 DEMA cant be ruled out
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
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Bear Case it is.. a move below 1500 cant be ruled out.. but for now, price is at the previous accumulation zone.. Price could mostly go in to sideways mode.. Since this is a single leg down/impulse move.. one should wait for the corrective rise to play out and trade the next leg impulse down
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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.