resistance around 15000 and then 15600 crossover of which expect move toward Life time high
downside support 13500
so buy good quality midcaps in correction of 10500-14300 and keep sl of 13500
DIsclaimer... not position on the index.. a reference chart for my investments in mid and small caps..
suspicion of reaccumulation , should be confirmed by the post spring change of character towards sos/markup..
else as mentioned the 52week ema change of character towards a resistance will potentially make this as a distribution schematics...
The BSE:MIDCAP went through the following events..
1.A rounding top formation
2.Breakout of the neck line
3.Entered into a symmetrical triangle
1.Symmetrical triangle breakout
2. Bearish bat completion
3. Ichimoku green cloud in potential reversal zone
4.Price rejection by ichimoku cloud
5.Price reversal from prz(potential reversal zone)...
midcap index is trading at high pe level as well as broke the trend .breakdown looks similar to breakdown of October 2016.
stay cautious any long is not advisable . correction expected till 13256; 50% entrancement of move from December 2016 lows
buying is not advisable
A trader has messaged me privately, has confessed that for past 6 years he had been trying hard to make TA & Elliott Wave work for him and its not turning around and shall he continue the effort or drop it? Shall he entirely drop stock market altogether?
Whatever I will say here I will say on the basis of my own direct experience, will say only the...