TF: 15 Minutes
CMP: 49.941
The structure and counts suggests that we are in for a bounce on this counter anytime soon.
I have marked the internal counts of this fall from the recent swing high (54.385)
Whether it is an ABC decline or an impulse 5 wave decline, we are in for a bounce in the shorter TF
Trendline from the lows confluences at around 49.15 levels (the desired target range for this leg)
In my view, it must be 5 wave decline, to be followed by an ABC upmove and then possibly another 5 wave down to break below the previous swing low at 45.534
Chart in larger TF
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. 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. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
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Price is bouncing off nicely from the lows at 49.34 and it will head higher.. lets see how far this moves goes up..
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.