265 is an important level and a possible end for wave 4. From this position it is expected to bounce back and start wave 5. Also there is support at 265 in daily time frame which supports end of wave 4 at 265. It is not advisable to go short as SL is high of wave 3 which is approximately same as reward.
After correcting(ABC) the bullish Elliot wave pattern New impluse wave 1 is showing leading diagonal. Also there is a breakout at resistance which indicates confluence of systems.
Wait for correction wave 2 before initiating longs
Wave pattern on weekly time frame seems to have completed all the 5 waves and may head towards a major correction.
Also there is resistance trendline where the wave 5 may end.
As per the ELLIOT wave theory wave 3 has started possibly. Also there is confluence of support from trend line. This has extraordinary Risk to reward Ratio.
SL: 296-292
Target: 470
Consolidation Pattern (Wedge) shaping up in GSPL.
Waiting for breakout & confirmation of the pattern!!!
Levels mentioned on chart.
Views are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
"Trade what you see, Not what You Think"
Happy Trading(:)
The Scrip has completed its move as per Hypothetical theory of wave analysis , Now its due for consolidation phase in it ,
Once the completing of base formation you can expect New low with in this recent low before it makes Turn around for start of Impulse wave 5
I am more looking for termination of wave 4 , and then Hop on for Next leg move up for...
Awesome breakout with heavy volume....Lets ''RUN FOR FUN'' in BATA shoes
Levels as mentioned on the chart
Be Proactive Trader
Better Insight, Better Trade Execution
Views are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
"Always Respect Risk"
Happy Trading
Jai Hind
Dhiraj Singh Bais
Warrior @ Battle field
Do not ever Forget the content on all of our analysis are subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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in 15 minute chart it is symmetrical triangle .....
and in 5 minute chart it has made descending tringle
if it breaks 524 then target - 520 ....trgt 2- 516
and if it crosses crosses 528 then it will reach 545 and more
it is symmetrical triangle (can be bearish below 190)
AT first it will touch 1721 if crosses 1721 .... then it can go upto 1728 and 1735
it will be better to sell @ 1690 with stop loss of 1720
if it breaks level of 1690 ... tgt 1- 1675 tgt 2- 1645
stoploss of 1745
#NIFTY - Contemplation on the basis of Elliott Wave.
Immediate Supports are in the range of 10,850-10,600 zone.
There appears an unfinished upside in the range of 11,750-12,000.
Break below 10,450 invalidates the upside scenario.
Conservative upside Target could be 11,525.
Levels as mentioned on the chart
Followup trade
Be Proactive Trader
Better Insight, Better Trade Execution
Views are for ‘’EDUCATIONAL PURPOSE ONLY’’ trade at your own risk.
"Always Respect Risk"
Happy Trading
Jai Hind
Dhiraj Singh Bais
Warrior @ Battle field
