After an impulsive move from 12430 to 7511 we saw correction from 7511 to 10554 levels. Correction took the form of zig zag wherin A wave looks like leading diagonal followed by B wave (3wave move) and ongoing Wave C is near completion range. Now it looks like wave C will be followed by 5 wave downside impulsive move. So it is better to stay cautious with long...
After an impulsive move from 12430-7511 we saw corrective move in the form of Zig Zag correction from 7511. It seems wave A took form of leading diagonal followed by B wave (3 wave correction-zig zag) and then C wave which is generally 5 wave move. On closer inspection of C wave it looks like it is near completion range. It is better to stay cautious on long positions.
Strong rejection is seen from 189 level indicating resistance at the upper range of consolidation. Also the chart pattern under formation is Rectangle.
Rectangle is a continuation pattern so the positions can be initiated once price breaks and sustains above 189.
Target after breakout will be 204 and 216. Stoploss can be maintained below 162
It looks like complex correction is in process(Triple Zigzag to be precise). So the view is bullish for short term.
Also there is a breakout of bearish channel and the Target for the same turns out to be 9600 and 9850, ideal stoploss for the setup can be below 8800.
Nearest Support levels: 9000-8800
Nearest Resistance levels: 9600-9850
C leg of the correction seems to have been started.
Wave 2 is in completion zone so if wave 2 is completed then the price pattern should respect the trendline which is drawn on the chart. If wave 2 is not completed the we will have to revise the trendline.
If W2 is completed and trendline is not breached then SL can be nearest swing high and one can ride the...
After some historic price movement looks like triangle pattern on longer time frame is complete.
On examining the waves in smaller TF it looks like leading diagonal is in formation indicating start of upward move.
Possible wave count is plotted on the chart.
After completion of B leg of Flat correction it seems reliance has resumed C leg. Two types of entries are possible in this scenario
1) We wait for retracement of wave 1 upto 61.8% levels and after confirmation intiate short position
2)We enter short after close below the end of wave 1
SL in both case will be invalidation point above which we will have to...
This is just a trading discussion.
Today TECHM reversed from upper trend line indicating resistance at those levels also Higher high structure at 530 level was broken which gives us warning of short term trend reversal. So the overall bias turns to be negative. Today's High and low (marked on the chart) will play a crucial role in determining the direction. If...
It is just a trade discussion.
It seems HUL is undergoing complex correction.
Also 1900 is strong support from where HUL has reversed.
In short term HUL has capabilty of reaching 2500 Levels with Stoploss at 1880