A risky trade - should wait for 1600 levels

Apr 15, 2017

Its a very risky trade . Yes Bank is already in a 5th wave at the higher degree within wave 3 of a higher degree. I have taken the last part of the price action . One should wait for Wave 4 circled to be completed at 1603 only then long for wave 5 circled . Some confirmation at wave 4 bottom should be there like RSI divergence , Hammer , Doji or a morning star . Wave 5 circled should end in the vicinity of 1659 . It is distance of 1 circled -> 3 circled extended 0.618 times from wave 4 circled.

Lets see what happens