Note: Weekly Chart:
- Rounding Bottom formation completed with 11 months time horizon (blue arch)
- Convincingly above long term (3 yrs) downtrend line. (blue solid line)
- Cum. Vol delta is positive and in uptrend for last few weeks (below plot)
- In a fresh motive Wave-1 in Elliot Wave since July (purple).
With a SL of 1150, one can long.
For safe trader can...
NIFTY | Cup & Handle formation (Good only for hedged / spread position - it can take 3-5 days)
CMP : 15770
SL : 15670
Target : 16100
Almost 1:3 risk reward setup.
Reference : Bull Call Spread
Buy 15800 CE
Sell 16000 CE
July 8th Expiry or July monthly expiry