Start of Zigzag wave C or Impulse wave 3.Get long
Updated
As depicted in the chart we have completed up move in 5 wave's followed by 3 wave corrective move.Hence it can be assumed that current rise from 68 is either a zigzag ABC or a start of new impulse,in either case we can expect this up move to continue and can take price between 92-100 levels.
Target for zigzag wave c is 92-95.
Target for impulse ave 3 is 100.75.
As per classic elliot wave we have surpassed wave B top of 81 in todays trading session along with wave 5's top of 82.15 which is suggesting to go long with a stop-loss of 77 for above mentioned targets.
Risk-reward for zigzag wave C is 1:2
Risk-reward for impulse wave 3 is 1:3.
Today if we get closing above 81,then one can go long.
Disclaimer:This are just my views on the stock,no positions should be taken solely on its basis,publishing this for my future reference.
Target for zigzag wave c is 92-95.
Target for impulse ave 3 is 100.75.
As per classic elliot wave we have surpassed wave B top of 81 in todays trading session along with wave 5's top of 82.15 which is suggesting to go long with a stop-loss of 77 for above mentioned targets.
Risk-reward for zigzag wave C is 1:2
Risk-reward for impulse wave 3 is 1:3.
Today if we get closing above 81,then one can go long.
Disclaimer:This are just my views on the stock,no positions should be taken solely on its basis,publishing this for my future reference.
Note
Update on above count,as it turns out stop-loss for the trade got hit.I have re-labelled waves and it turns out we are at cusp of another wave 3 of 3 trade which can give decent short term return.Target is coming at 106 and stop-loss wud be 84 on closing basis.Long entry should be made above 90.
RIght now stock has taken a pause near a rasistance zone of 87-89 but is trading above 200 dma and seems like its forming a base in the rasistance zone,a breakout from this zone on the upside will be very positive for long term trend.
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