Let us trade in the E-wave which is very choppy & toughest to trade because it is against the larger degree trend which is downward since highs@748 in 2015.
Likely it has traced a B-wave triangle & it is a valid pattern till 564 is intact - Critical level for future trading is 564- Going above 564 this pattern invalidates.
Short Term Scenario
Look for a bounce above 505-506 to the previous swing highs 515-520 once it holds above 505-506 - Play Safe -Get Heaven.
Medium Term Scenario
If it starts moving above 525 & sustains above, then we look for a higher push possibly for the zone 540-555 zone, but, yes keeping in mind 564 which is critical level as a long term selling can resume if 564 is intact on top.
Long Term Scenario
Moving below key level 425 - first need to leak below 405-later below moves deep down for 325-335 zone as discussed earlier.
You would love to read my previous updates
Hold your nerves till 477 broken
A part of E-wave above 405 - Boom
A lesson to be taken home as a wise trader
Starting the TechM journey in TradingView
Falling below 505-506 - High was 507.25 - As suggested above if holds above 505-506 then we see TECHM to 515-520 zone
Wow!- It is falling straight down, but be careful -larger downtrend starts only below 425 - In between it can again bounce back.
TechM also looks in trouble if it dips from here to 460-465 zone likely it will confirm for more on downside, then we will plan to enter downside below 425 for selling or on the bounce for selling.
Done & Out at 451.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ