L&T FInance holdings incorrect Wolfe WaveL&t Finance has formed nice INCORRECT wolf wave. I shout incorrect cause there are people who argue that its incorrect. Again what worsk what works. Long here Stoploss close below 177 target atleast 192. One can wait for the break of the resistance trend line.
3-WAVE
Wolfe Wave PatternRules & Structure Of Wolfe Wave Pattern
To Identify Wolf Wave Patterns,
Waves 3-4 must stay within the channel created by 1-2
Wave 1-2 equals waves 3-4 (shows symmetry)
Wave 4 is within the channel created by waves 1-2
Wave 5 exceeds trendline created by waves 1 and 3
There Should be regular time between all waves
How To Trade.
Entry point When Price Close below Trendline Created by Wave 1 and 3.
Stoploss would be High of Wave 5.
Target will be Trendline Created by wave 1 and 4.
ALLAHABAD BANK - BULLISH The Stock has shown a zig zag ABC correction on 60 min charts with 5-3-5 legs of ABC which is generally the end of a longer leg. The C wave has given its 5th leg and in my opinion, it is completed. A trade to go long with 69.40 as a stop-loss and 79 and 81 as targets give a risk/reward at 1:4 and 1:5 respectively. CAUTION ADVISED, STOPLOSS IS YOUR GOD AND YOU ARE HIS SLAVE.
Short TV18BRDCST Wolfe Wave !The stock has formed a nicely Wolfe wave at the Junction which seems to work as resistance. My experience with this patter is that it works better if it breaks the boundaries come back but we can still take the chance here by providing small stop loss of high of recent swing. Mostly it offers good risk to reward trade. Good Luck!
Nifty Short Setup!!Nifty is giving a Short Setup at current levels. After giving a 5 way decline nifty moved up in three waves above 61.8% fib in a corrective pattern which indicated that Nifty will go down further. One can Short the Nifty at current levels with Stoploss just above recent high around 8971 with targets of around 8620. Its a Nice Risk Rewards trade..
Happy Trading!!