SYNGENE: TRIANGULAR WAVE

TRADING STRATEGY: BUY WITH SL OF 600 AND LOOK FOR THE TARGET OF 720/780/845 . Minimum 12% return from cmp in coming weeks.


THEORY:

Usually this wave structure forms in an impulsive sequence as wave 4 . It consists of 5 sub waves as wave-a , wave-b , wave-c, wave-d and a final setback wave-e . Each of these waves consists of three wave internal structure. Each of the waves should not break their extreme points. The final confirmation to enter the position comes when the price gets close above the level of wave-d. The minimum target of the pattern is just a poke above the level of wave-b and just above the level of wave-3 of the impulsive count. There is also a guideline to predict the target of this pattern which is known as triangular thrust. The triangular thrust is the measurement of the distance from the level of wave-a to the level of wave-b . This measured length should be kept to the breakout level of wave-e to get the target of this pattern. However, the measured length can be projected from the breakout level also to get the classical chart pattern (symmetrical triangle) measured target.