Since 1200 highs -It is all messy in the Sunpharma & seems that the pain will continue till the time it takes out 732 -key level & 820 -Critical level convincingly on the upside.
Only above 732 & later 820 shall give some relief to the stock in upcoming days else can trouble the traders to the core.
Short Term Chart (30 mins)
Trading Strategy
Short Term Strategy - One should take long positions either above 710 or sell below 680 as a strategy in coming sessions Below 680 we will likely see target zone 620-625.
Long Term Strategy - Tripple correction shall take it deep again till the time 732 & later 820 is taken out convincingly to give us confidence that the correction is done & we shall look for upside projections in that case. Moving above 732 should be the early signs that this stock leave its pain behind & look towards new sunshine up in the sky.
We will book profits here & look for selling if it goes below 670 again later.
Trade active
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11:45 Hrs 8th April2017
Last Price@665
It gave us again intraday selling below 670 -made day low@662 to close at 665.
Trade closed manually
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18th April2017
Closed.
Comment
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18:19 Hrs 15th Aug2017
Call was closed - It is just a comment.
Recent Low@ 432 - has completed Z-Wave which we have been looking since sunpharma did not move above 732 - key level for upside projections.
Comments
harishkumarhs
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In a W-X-Y formation, Could Y wave be a 5-wave structure ? [Just like in A-B-C correction]
WaveTalks
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@harishkumarhs, Yes, It is complex correction that is why we name it as W-X-Y . So, It can be Impulse - Corrective -Impulse or Impulse -corrective- corrective or it can be corrective -corrective -impulse - hence we call this as complex correction & In school days - we use to call this as permutation & combination.
harishkumarhs
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@AbhishekHSinghCMT, Thank You. So it is same complex correction with W-X-Y-Z as well I suppose.
WaveTalks
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@harishkumarhs, Yes, Complex correction is all permutation & combination.