ITC: Exam time , Pass or FailTrading strategy :
Key level is 210
1. Go long above 210 keeping a mino Stop loss of 203 , for the target area of 240 & later 280.
2. Go short below 210 if it starts rejecting from the zone of 210-220 for the target of 190/175.
3. If it starts taking support near the zone of 175-180 again go long with that recent low as SL & ride till 210 & above 210 follow plan 1.
Waveprinciple
SBI - Breaks out Previous Resistance, Wave 3 ProgressIt is been observed that ABC Zig Zag correction completed and Wave 1 and Wave 2 structured well that shows higher high. Now I observe that Wave 3 is in progress and it shall go upto 261 and retrace back to Wave 4 and then shall again move higher from 261 levels to make Wave 5. It is wise to buy after retracement or near Wave 4 levels.
As per technical pattern formation, you may also notice a "Head n Shoulder" pattern formation that retrace back to previous resistance level at 256 or Wave 4.
GOLD GOLD SHINES TO BUY (XAU/INR) - FLAT CORRECTION COMPLETESAs per Elliott Wave Theory, the gold charts indicates a completion of a Flat ABC Correction that signals a new wave to upside. This is a good time to invest or take a swing trade position in this before the festive season begins in India where we generally see rise in the Gold market. Take positions with stoploss at 87200 Target 1: 90000 then Target 92400.