Trend line Breakout on weekly time frame. Breakout candle is huge and without selling pressure hence hi probability to sustain above this level put a trailing SL below the breakout candle.
Once the leading diagonal is complete then wave 2 can retrace to 476 or 442 levels and then continue wave 2.
So it can be shorted at CMP
SL 593
Target1 491 with partial booking
Target2 440 with remaining
R:R Greater than 3.12
265 is an important level and a possible end for wave 4. From this position it is expected to bounce back and start wave 5. Also there is support at 265 in daily time frame which supports end of wave 4 at 265. It is not advisable to go short as SL is high of wave 3 which is approximately same as reward.
After correcting(ABC) the bullish Elliot wave pattern New impluse wave 1 is showing leading diagonal. Also there is a breakout at resistance which indicates confluence of systems.
Wait for correction wave 2 before initiating longs
Wave pattern on weekly time frame seems to have completed all the 5 waves and may head towards a major correction.
Also there is resistance trendline where the wave 5 may end.
As per the ELLIOT wave theory wave 3 has started possibly. Also there is confluence of support from trend line. This has extraordinary Risk to reward Ratio.
SL: 296-292
Target: 470
