A ball at block hole is very difficult to bowl & that too in a condition where spectators are shouting -loser -loser to the team who is playing against the home team. Conditions become tougher with the Mexican wave running over your head, making you feel nervous, but if you follow basics & have "do it attitude" as Attitude sums up to 100% - No one can stop you other than yourself. Mexican waves are worth watching. Given each letter of the alphabet a number, A=1, B=2, C=3 etc. If you add up the letters of the alphabet in the word "ATTITUDE", this is the result: A = 1 T = 20 T = 20 I = 9 T = 20 U = 21 D = 4 E = 5 which is 1+20+20+9+20+21+4+5 =100, so see ATTITUDE = 100%
The greatest discovery of my generation is that you can alter your life by altering your attitude.
Analysis
Double Top in the Zone 442-445 - Retracing close to 38.2% of the Wave 2-3 distance has fulfilled its criteria of minimum bounce which was expected in the previous update. Resistance -Getting resistance in the zone right at 445- is a block hole delivery & suggested that we shall book profits in the interim updates on the previous post.
Trading Strategy Going below 435 (Next Support comes in the zone 425-427 Zone- that zone too should be broken) - then we shall look for a downside move till 405-410 zone, which can be extended downside if 405-408 zone is also broken down as it is very important support zone & we will finish impulsive leg downside from 515 highs.
Previous Update@8th May2017 - Lawyer won the case - From 423 to 445 = 22 points
Previous Update@26th May2017 - Act like Lawyer - From 430 to 410 = 20 points
Trade active
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14:25 Hrs 12th May2017
Last Price@441.70
As a risk taker -trader could have sold at recent high of 443-444 just few mins back as one had only risk of 1-2 points to lose.
Trade active
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10:07 Hrs 15th May2017
Last Price@438
Falls from day high 445.90 - TECHM also showing some sign of fall & started from the zone 443-445.
Trade active
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10:01 Hrs 16th May2017
Last Price@442
Sell below rising trendline or below 438 lows for downside move
Trade active
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14:03 Hrs 16th May2017
Last Price@444
Only Risk Takers will sell as we don't have any stops to be maintained - safe traders who have minimum risk taking capacity should trade below 438 or as shown above in above update.
Falling as expected - got couple of chance today as well from 440-445 highs to sell on bounce. Next, if goes below 420 then we sell or continue sell for 413-415 zone prior support or if holds 420 then we look for a bounce to sell.
Trade closed: target reached
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18:20 Hrs 23rd May2017
At 408.50 Target - Done & out
Comments
robus
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wheeeee, local market seems pretty fun, you are acing it with EW. yay
Dear Sir,Good analysis on Tech Mahindra, Can you Please give your analysis on Hindustan Zinc
ashokakbari
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Wah yaar... Each and every time it's give chance to enter at top.... What a fall today ...slowly & steady only one side no confusion. Thanks Abhishekh
WaveTalks
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@ashokakbari, Yes 440-445 zone is what I suggested in the update- sell - It had resistance today as well - bounce & sell. First fall at 425 then again bounce to same zone 440-445 & fall again. Cheery on the ice-cream.
Hi abhishek, I entered below 435, but the stock touched 425 today and pulled back sharply...does that mean it has bottomed out and time to exit?
WaveTalks
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@abhinavk31, No, TechM is weak as 440-445 area crossed & sustained then only we were bullish as expected I think we touch 413-416 zone next -will see if holds we will book & sell on rise.
amankavi
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Bears appears active in making short gains by short trade/selling . Would prefer to wait for the price to dip till support level (twice)-410,405 as suggested by you :)
The price dip has happened twice since 09-04-17 till mentioned support level