UNDERDOG-29

SAIL: Nearing end of WXY correction

Long
NSE:SAIL   STEEL AUTHOR INDIA
Since Mid August we are seeing price moving in corrective manner,there by forming WXY double correction.So far it seems like each correction took following forms.

wave W:Regular Flat
wave X:Zigzag
wave Y:Regular Flat

Current wave Count:

Scenario:1
Wave y,sub wave c,sub wave 4(triangle wave E),going ahead we can see wave 5 unfolding on the downside but we won't see much price deterioration,hence one can start accumulating with wave 3 low 99 as a stop-loss and wave x high 132 as initial target which can be followed by it's prior pivot high of 142.

Scenario:2


We might have completed wave y and currently we are either in wave X or wave 1 or wave A and as per this count also we can expect up move in the stock in the form of wave C or wave 3 taking price to previous pivot high of 132.

PS:Personally favoring scenario 1

Disclaimer:This are my personal views on the stock no position should be build or exited on its basis.I am posting this just for my future reference
Comment: As of now,Scenario 2 seems to be playing out,wave 2 has yet not concluded and has taken a form of triangle,which is suggesting that it can be wave B of second connector wave X,however view still remains bullish for wave C upside move.
Comment:
Seems like above mentioned count needs to be invalidated as prices have retarced wave 1 enirely.Re-labeeling entire fall to WXYXZ we are in third correction wave Z sub wave c sub wave 3.Going ahead we can price falling further till 89-90 levels,post which we can see decent rise as maximum we can see 3 correction in one move post which entire fall or rise of 3 correction is retraced.
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.