UPL analysis - Probability & Possibilities
Lets have a look at the analysis -->
1. EW analysis -->
Considering the top at 695.75 as end of wave 3 and now we might be in 4th corrective wave. Currently, we might be in z of wxyxz of 4 as c might have been completed today.
2. Classical TA -->
a. major resistance at 663 levels
b. 78.6% fib retracement at same levels.
c. kumo cloud support at the same levels.
d. wave c 61.8% fib extention at same levels.
e. support at 642 levels
3.Putting it all together -->
The current structure looks it might give breakdown to the channel, but it hasn't made a good reversal confirmation for downside. The resistance at 663 levels is the only support to backup the bearish point of view along w/ the EW. Candlestick ain't supporting bearish side for now.
If holds below 663 we might see 642/25/18 levels.
Lets see where it may go wrong, suppose if wave c of x have not yet completed then it might make another high at 665/667 levels and again fall towards 642/25/18. Any what if the 4th wave has ended at 555.35 that is y of wxy? Well, then say good buy to reversal, it might break the major resistance and go beyond. And from bearish point of view, you would not like to deal that.
Regards,
Sharma Yogesh
1. EW analysis -->
Considering the top at 695.75 as end of wave 3 and now we might be in 4th corrective wave. Currently, we might be in z of wxyxz of 4 as c might have been completed today.
2. Classical TA -->
a. major resistance at 663 levels
b. 78.6% fib retracement at same levels.
c. kumo cloud support at the same levels.
d. wave c 61.8% fib extention at same levels.
e. support at 642 levels
3.Putting it all together -->
The current structure looks it might give breakdown to the channel, but it hasn't made a good reversal confirmation for downside. The resistance at 663 levels is the only support to backup the bearish point of view along w/ the EW. Candlestick ain't supporting bearish side for now.
If holds below 663 we might see 642/25/18 levels.
Lets see where it may go wrong, suppose if wave c of x have not yet completed then it might make another high at 665/667 levels and again fall towards 642/25/18. Any what if the 4th wave has ended at 555.35 that is y of wxy? Well, then say good buy to reversal, it might break the major resistance and go beyond. And from bearish point of view, you would not like to deal that.
Regards,
Sharma Yogesh
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.