Below 484- Likely it should continue down in the zone 479-480 & if it holds in that zone, then push till prior swing high can be expected in the zone 488-490.
Larger trend is down but financial markets never move in straight line.
Key Resistance -503
Post leaking from the Triangle, Jet Airways made a low@453 & retraced deep to current high@503 which is 61.8% ii-iii wave distance. Candle shows rejection in the zone 500-503.
Likely we will continue in the final leg, possibly below 453- which will be confirmed once it starts moving below 486 -which could be a possible hurdle in the fall.
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Strategy:One can go short when price touches the above slant trend line..As RSI value was much differ when price touches 1 trend line it shows Jet is bearish.Also the channel is also bearish.One can set target up to 2 trend line.
Please don't trade as I am in learning stage.Traders can give their expert comments.
Stock seems to be forming 5 wave impulse in downward direction. Some more downside possibly till previous low looks likely. Volumes at low are still low even in daily charts indicating buying has still not happened. Would look for divergence for confirmation of bottom.
Since 2008 Highs @1048 -Jet Airways has been in range of 200 to 1000 -Yaa that range is big enough to trade on daily basis. Bigger Picture tells that it is triangle which is unfolding in JetAirways
I shall look for the zone 240-260 as a golden opportunity in coming years -where the Intermediate Degree (E) -leg completes & as traditional analysis (A)-(C)...
Yesterday, the price action broke out through the downward trending line on hourly chart, where it confirmed the retracement as well. Now today, it is been getting over from the previous break out levels that indicates trend continuation. I believe it shall reach to 61.8 retracement level of the said down ward move.
Target: 580
Stoploss: 525
