Act like a lawyer in a courtroom where he searches for clues to make his case strong. Pattern, 38.2% exact retracement & falling makes our case strong for a downside move.
So let us play the role of a lawyer.
Let us proceed in the courtroom for hearings & proofs.
Clue 1- Pattern
We have Candle which engulfs prior candle from 442 highs in 4H chart (4 Hour Chart)
So, 442 highs is the key level for next few sessions for Tech Mahindra.
My Lord - Such Patterns are explained in the bible book - Analysis- by Steve Nison
Clue 2- Trendline
We need 2 points of contact to draw a & 3 point of contact to make it valid . My Lord- So, I think this is 2nd clue which supports view.
Clue 3- Fibonacci Retracement
The fall from 491 to 413 has been touched exactly at 442 which is of the fall.
My Lord- This was finally clue to support view.
I know that you will decide in bears favour & most likely we will win the case. Let me know your decision.
My Lord- Market- Do consider all the clues before giving your judgement.
In the Zone 405-410 - Wave-3 travels 361.8% of Wave-1 distance(515 to 488)- which itself divided into 5 waves.
Strict Stops above 442 - we shall look for the final leg in the extended wave-3 in the zone 405-410 where it travels 361.8% of wave-1 distance.
Don't forget to put your comments - I will love to hear from all of you & thanks for supporting.
Moving in the desired direction.
Some Bounce can be expected & we start next sell below 422.
We will continue sell only below 416 & won't hurry, next as pattern needs time for consolidation.
Put Alarm or Alert at 416 & Relax.
Heading for 405
Booking Small profit at 414 & waiting at sidelines for next sell below 410 only- if you missed to book at 411-412 zone as updated above
Target Reached & Closed at 410 - Further Short or Sell position was to be taken below 410.