Strong rejection is seen from 189 level indicating resistance at the upper range of consolidation. Also the chart pattern under formation is Rectangle.
Rectangle is a continuation pattern so the positions can be initiated once price breaks and sustains above 189.
Target after breakout will be 204 and 216. Stoploss can be maintained below 162
It looks like complex correction is in process(Triple Zigzag to be precise). So the view is bullish for short term.
Also there is a breakout of bearish channel and the Target for the same turns out to be 9600 and 9850, ideal stoploss for the setup can be below 8800.
Nearest Support levels: 9000-8800
Nearest Resistance levels: 9600-9850
C leg of the correction seems to have been started.
Wave 2 is in completion zone so if wave 2 is completed then the price pattern should respect the trendline which is drawn on the chart. If wave 2 is not completed the we will have to revise the trendline.
If W2 is completed and trendline is not breached then SL can be nearest swing high and one can ride the...
#NIfty sustained abv important resistance 9040-50, with that It confirmed, one leg of wave either as "a" or "i" has been completed and next up leg will be as wave b or ii. In this wave we can expect retracement of "i" up to 61.8% where 9286 level is placed near blue channel. Micro/Macro wave confused me lot earlier and forced to changed frequently but earlier...
After some historic price movement looks like triangle pattern on longer time frame is complete.
On examining the waves in smaller TF it looks like leading diagonal is in formation indicating start of upward move.
Possible wave count is plotted on the chart.
After completion of B leg of Flat correction it seems reliance has resumed C leg. Two types of entries are possible in this scenario
1) We wait for retracement of wave 1 upto 61.8% levels and after confirmation intiate short position
2)We enter short after close below the end of wave 1
SL in both case will be invalidation point above which we will have to...
It is just a trade discussion.
It seems HUL is undergoing complex correction.
Also 1900 is strong support from where HUL has reversed.
In short term HUL has capabilty of reaching 2500 Levels with Stoploss at 1880
TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
Wait for entry setup, if available then Long/short.
R:R is 5-8 times.
XAUUSD has made a long term correction which now seems to be complete on the upside and a decline is inevitable which would break the previous lows and go towards 900 for the target.
This would take several months or a year to play out..