VEDL:Trend Continuation + Elliott (ABCDE) Correction Triangle.
VEDL
Vedanta Ltd. has been in a consolidation zone for more than 2.5 months after a bearish trend and there is also 5 waves correction triangle is forming.
1. The price will face resistance of the 200 EMA zone.
2. The volume is not supporting the Up movement the volume is declining and the price is increasing this is a sign of weakness in the up move.
3. Previous bear trend + consolidation triangle most likely a second leg down to the down.
Multiple resistance on the upside gets a better chance to short instead of going long.
:-Entry should be based on some reversal candle on the respected chart of 4 hour and break of that signal candle.
:-Stop loss should be above some points of a resistance Zone.
I hope you like the idea.
please like and comment with your views on this idea.
Keep learning,
Happy trading.
Thank you for reading.
Comment:
Opened gap up yesterday and dropped, will take entry if a candle close under the range below 288
Order cancelled:
trade not active as the price is broken out to the upside.
