Motherson -Ended CRAB Pattern -Trading opportunity-10% upmoveMotherson: CMP 164.5
in Shorter TF, the script has completed the extended target for the CRAB pattern. The XABCD legs achieved their targets and the price is bouncing from the PRZ zone of 1.618 extension of the XA leg (on the downside).
Potential targets are a minimum of 38% and 50% retracement of the CD leg, that would be 180 and 187 respectively.
SL for this set up is 147. Determine your risk and trade accordingly
In larger TF, the script has either ended it's 4th or the first leg of the 4th wave down.. on daily TF, price has reached 38% minimum expected retracement level for the 4th wave.. BUT, this downmove looks sharp and one way.. hence, I am expecting one more leg down after the bounce.. That could potentially end at 140-155 levels. For Investors, it is an accumulation zone..
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
