UPL wave count and rasistance into support conversion
UPL seems like moving up in an impulsive manner.Notice how previous price action zone has acted as rasistance and once breached has given support to prices for future up move there by confirming continuation of ongoing up trend.
Notice how recently price has reversed from previous price action zone and has breached down sloping trendline indicating end of wave 4,Going ahead if prices manages to close above 762 then we can take long trade with a stop of recent low 700 as stop-loss and 852 as first target(in case of truncation) although wave 5 target is 984 when calculated by taking wave 1 length from wave 4 lows consifdering wave 1 and wave 5 of equal length when wave 3 is extended.
As intial Risk reward is only 1:1.5 hence trade size should not be more then 5% of the free capital,if prices sustains above 852 then position can be added with tgt of 984.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis
Notice how recently price has reversed from previous price action zone and has breached down sloping trendline indicating end of wave 4,Going ahead if prices manages to close above 762 then we can take long trade with a stop of recent low 700 as stop-loss and 852 as first target(in case of truncation) although wave 5 target is 984 when calculated by taking wave 1 length from wave 4 lows consifdering wave 1 and wave 5 of equal length when wave 3 is extended.
As intial Risk reward is only 1:1.5 hence trade size should not be more then 5% of the free capital,if prices sustains above 852 then position can be added with tgt of 984.
DISCLAIMER:There is no guarantee of profits or no exceptions from losses. The study provided is solely the personal views of my research. You are advised to rely on your judgment while investing/Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis
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