Upward Impulse complete and the correction forming is a Fat Correction where Wave A is complete B is almost complete;
Hence Wave C is yet to start and this is going to be a downward Impulse with 5 Waves and this correction ca retrace the Previous Impulse as much as 100% as per the rule of the Elliott Wave Theory;
So this...
Pitchfork resistance
Targeting at least a 100 point downmove (50%-61% fib retracement)
Will book at 2390 ideally
Market are volatile however keep your risk appetite in mind. Just learning :)
TCS had been resisting its supply zone 2200-2300 everytime whenever it comes near that but this time it is holding this level for last one month. If this level breaks we can witness new highs.
TCS can be sold on closed below 2240 levels. TCS has broken upward trend line and trading below 20SMA in 30 min charts.
It has also formed lower high pattern which indicates continuation of down trend.
Conservative traders can wait for Sell confirmation below 2215 levels
TCS closing is 2045.80 is showing the #rising wedge pattern on the daily basis and in the downside must be a break and close below 2000 and stay 1 day then come again 1965-1930-1900 again. Sell near 2020-2035 then stop loss is 2070 and in upside, hope is only above 2160+ close one day then come to 2220-2270-2360.
