Hello guys , i have an excellent setup for EW overs here. Also the fun part is that it coincides with their quarterly result announcement on the 9th, so it can show huge movement. So the idea here is to ride the C wave.
First things first, ideally ill request you to check this setup in 5min chart. Since we are not allowed to post charts of TF less than 15 mins hence this TF is used for analysis.
Now,
As we can see Wave A(orange), was a 5 wave move. Hence the correction should potentially be a zig-zag. Having said that, Wave B(orange) should retrace somewhere around 0.618 of Wave A. Hence potential target for wave B end have been market. Now incase of zig-zag corrections Wave A = Wave C with respect to time and price.
So, we are looking to short after the completion of B wave to ride the whole C wave down which could terminate around 2200 levels.
P.s. This chart is for educational purposes only.
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5th completed at 2275.
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Wave 3 of wave III started at 2256. This will be the move!
Trade active
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This is the power of Elliot Waves.
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Will not settle for less than 2200, will then trail stop loss above last swing low and let my profits RUN.
Trade closed: target reached
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Half my profits booked. Sl moved to 2220. Letting my profits run now.