Current strucutre:WXY double correction
Current count
Intermediate :wave y
Minor:wave c(not shown)
stock has corrected from where it was, meanwhile making double correction WXY. Right now we are in second correction wave Y sub wave C.
Important support area from where prices can reverse is coming at 1115-1135.Any bullish reversal candle in this zone followed by a follow through candle on the next day can bring short term bounce in this stock in the form of wave X in order to make this an triple correction WXYXZ.
Reason 1115-1135 to act as support zone
1)1:1 extention of wave W for wave Y from wave X top is coming @ 1125
2)50% retracement of Primary wave 5 in blue is coming @ 1116
3)we have channel support coming @ 1135
4)we have 200 day ema @ 1130
5)On OI front stock has decent put writig with negligible call writing @ 1160,1140,1120,1100 levels indicating downside is limited from current prices.
Disclaimer:Position should not be solely build or exited on the basis of this analysis,do consult your financial advisor and follow money management and risk management rules
Current count
Intermediate :wave y
Minor:wave c(not shown)
stock has corrected from where it was, meanwhile making double correction WXY. Right now we are in second correction wave Y sub wave C.
Important support area from where prices can reverse is coming at 1115-1135.Any bullish reversal candle in this zone followed by a follow through candle on the next day can bring short term bounce in this stock in the form of wave X in order to make this an triple correction WXYXZ.
Reason 1115-1135 to act as support zone
1)1:1 extention of wave W for wave Y from wave X top is coming @ 1125
2)50% retracement of Primary wave 5 in blue is coming @ 1116
3)we have channel support coming @ 1135
4)we have 200 day ema @ 1130
5)On OI front stock has decent put writig with negligible call writing @ 1160,1140,1120,1100 levels indicating downside is limited from current prices.
Disclaimer:Position should not be solely build or exited on the basis of this analysis,do consult your financial advisor and follow money management and risk management rules