AbhishekHSinghCMT
Short

TechM-2016 Diary -Beautiful Picture-Turns Down From 500-510 Zone

NSE:TECHM   TECH MAHINDRA
415 4 7
Bracket (( ))- means circled wave.

Its an ABC structure on the weekly chart of TechM- as suggested -look for selling at ((e))-wave once completed. Beautiful Picture- turns down from 500-510 zone post completing ((e))-Wave.

507 is an important level or resistance -not to be taken out in recent coming sessions- 507 if taken out on upside, then structure violates- in that case I shall come back.

Going below double bottom in the zone 400-405 or below the B-D line confirms that triangle is in place@507-E wave.

Going below double bottom- Shall look for C-wave             at 61.8% of A-wave             which comes in the zone 325-335 ( A-wave             distance is 748 to 458) - That will be likely targets post confirmation.

This is how we moved in 2016 & some important lessons-shown below

In all below charts- click within charts & use load bar feature

14th Sep2016---B-wave triangle with missing e-wave-Weekly Chart



14th Sep2016--Tripple Correction to End@451.30--4 Hour Chart



22nd Sep2016--How 476.50 acted as resistance



26th Sep2016-- A lesson to be taken home as a wise trader



23rd Nov2016-- E-wave in progress of triangle



27th Nov2016-- What an E-wave - Boom


















Trade active: 18:17 Hrs 10th June2017

Last Price@387

Look what happened to TechM. As expected in Jan2017. TechM to touch 325-335 -It made a recent low of 355 likely still open on downside to kiss the zone of 325-335.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Perfect trade
Reply
Hi ,

Can you please post the alternate view of what will be wave count and structure if 507 is crossed ? (My view is it will cross it)
nifty would have correct heavily for TECHM Double bottom break and fall to 330 zone (very very low probability).

Thanks,
Reply
@neneram, This pattern invalidates only above 564 -yes possible, it can cross 507 but should not cross 564 which is very far. Going above 507 -it will open for upside, but the waves are choppy & we don't have any clue of trading the same.
Reply
neneram AbhishekHSinghCMT
@AbhishekHSinghCMT,
Perfect , Thanks for the response
Reply
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