marzil

Support Zones for RAIN [EW Count, algo targets & more]

marzil Updated   
NSE:RAIN   RAIN INDUSTRIES LTD
Primary Elliot count for RAIN Industries, with algorithmic targets for market makers to close their shorts .

Support Range 1: 188-210
Very common for a wave on high degree to retrace at 61.8-65% fibonacci levels.
Previous resistance factored into the zone.
Prime targets for algorithms and market makers who bought in previous local high to close their short positions.
Possible reversal at low volume node marked by arrow on the right.

Support Range 1: 120-150
Should Range 1 fail, I see 120-150 as the next influential support level .
Although 61.8 is prime, next fibonacci level is 78.6.
Previous highs, now turned support.
Possible reversal at low volume node marked by arrow on the right.
Comment: If planning to buy/long these support zones, take into consideration stop losses below these boxes.

I have intentionally marked this analysis neutral, because seeing resistances, I find risk/reward ratio not that great. Consider tight stop losses for better R/R.