Just when we thought the momentum died off, Snap Chat's result triggers another round of down move. The bears are back on the saddle riding the NASDAQ down down down! I wouldn't be surprised if it touched around 9k in a few weeks.
Wipro seems to have completed a W-X-Y correction at its recent lows. Note that X wave is a triangle which is clearly evident. The subsequent upmove can be charted out as an 1-2 with waves 3-4-5 still awaited
A lot of the India IT stocks are headed up - see recent posts on Mindtree/TCS
Naukri had a great run from Rs 1600 in March. Its nearly 3.5X in less than a year. It seems an Inverse H&S is being formed. It should consolidate at the 4850 levels for a few days/weeks.
The Zomato story definitely has some link here. Coulds be that existing shareholders are selling to apply in the IPO. Nevertheless, it seem sit will consolidate at 4850 levels,...
Everything is explain I guess... Enter short positions only on downside breakout. I won't prefer an upside breakout.
check your rules before trading.
Happy Trading !
