Let us enjoy up down ride with the running head & shoulder pattern having key resistance@429 & critical resistance@433 - Moving above 433 - downside ride will be a failure which is proposed as 2nd ride later.
Strategy Take upside ride for 423 - 424 from current levels of 415-417 once it holds above 414 recent low & later look for resistance between 423-425 (1st zone) or above 425 between 426-428 (2nd zone) - Later plan to sell either in 1st/2nd zone with strict stops above 433 for 414 - 410 - 408 downside ride.
Effectively if you gain in upside ride 7-8 points & one can put stops above 433 & shall lose 10 points if planned for 2nd ride@423 which is in downside direction -losing 3 points in all (reduced 7 points upside gain from 10 points proposed downside risk in 2nd ride) or gaining 15 - 25 points in (upside + downside ride -both rides).
Upside ride - 416 to 423-424
Downside ride - 423-425 for 414-410-408 / 426-428 for 414-410-408 ( If faces resistance in 1st zone / faces resistance in 2nd zone)
Risk to Reward shall be 5.00 - (3 points to lose & 15 points to gain minimum)
Trade active
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15:29 Hrs 19th Jan2018
Last Price@418.20
Booking partial profits before weekend- no open positions.
Trade active
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10:13 Hrs 22nd Jan2018
Last Price@421.10
Vasant Panchami - An Auspicious day!
Opened at 419 & touched the target zone of 423-424 -in the first session of auspicious day of Vasant Panchami making high of 423.50
Trade active
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13:21 Hrs 22nd Jan2018
Last Price@422
Got resistance in 423-425 zone (1st zone) as suggested after completing upside ride from 415-417 zone on 19th Jan2018 - we booked partial profit on 19th Jan2018 & opened at 419 -travelled to 423-425 as expected.
We are in downside ride -holding below 425 -TM looks weak for 414-410-408 target which could be achieved in 1-2 days time frame.
Have a lovely downside ride. Cheers!!!
Trade active
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08:41 Hrs 23rd Jan2018
Last Price@422
Moving above 425- we will avoid taking sell call / short position as table can turn upside down & we may see zoom movement - above 428 for 443 - above 443 for 468 & above 470 for 550-600 levels.
Have a nice trading session.
Trade active
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08:54 Hrs 23rd Jan2018
Last Price@422
I have been waiting for the zoom movement since 4-5 months which can become history soon & people start talking why did TM moved upside amazing.
In Traditional Analysis we call this wedge structure which has zoom effect if correctly identified.
So any movement above 425 - No sell positions -Moving above 428 - can push to 443 & above 443 for 468- Above 470 for 550-600 levels & even higher beyond 600 mark.
Do not get confused with the movements below 425 -we are in short /sell position - only above 425 -we are for more upside as suggested above.
Downside Intraday targets are 414-410-407 as mentioned in the main update.
Trade active
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10:13 Hrs 23rd Jan2018
Last Price@418.70
Minor Support at 417 -turns above 417.30 - small bounce if holds below 425 then slips back to 414-410-407 Next below 417 or sell on bounce but below 425 highs
Abhishek Sir ..That was one of the quickest trade ever .. Shorts are done ...Waiting for the targets mentioned in the charts in order to close the shorts :) ....many Many thanks for this chart . Appreciate your hard work and efforts !! & selfless help which you are sharing for everyones benefit
WaveTalks
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@samyr99, Cheers! - Take Care -TM can drag Markets as well down for a short while from day high.
samyr99
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@AbhishekHSinghCMT, true thanks for the heads up !! .. once i have covered this am out :) for the day !!!
Hulk703
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WO.w Beautiful set up abhishek sir
Thank you for sharing ..
WaveTalks
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@Hulk703, Welcome. It's weekend so don't keep any open positions -book partial profits before market close. Current rate is 417.50
Hulk703
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@AbhishekHSinghCMT, Thank you so much for guidance Sir . Your charts and kind words give me confidence to trade .Appreciate your kind support .Very few analysts here on trading view provide such support and motivation
WaveTalks
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@Hulk703, Hello Hulk, Touched the target of 423-424 as discussed in the update. Happy Vasant Panchami!
Hulk703
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@AbhishekHSinghCMT, Yes sir .. Call was awesome .. Happy Vasant Panchami to u as well :) ..Appreciate ur efforts to share such super calls