We can short EURJPY for the following reasons.
The Primary Wave 2 is completed thus we are potentially seeing wave 3. Wave 3 cannot go higher than wave 2.
The price is also approaching intermediate wave 2 where it should terminate and start wave 3. Again wave 2 cannot go over the area of starting of wave 1.
It is a hat-rick because minor wave 2 cannot cross...
We can buy Hindalco.
As you can see the market is trading above a resistance line so Sl can be just a bit below it.
This is starting of wave 3 if it hold above the 200 level EOD basis.
Let me know what your thoughts are on this!
This stock can be shorted. The reason are outlined below.
Currently stock is trading in a range of 481 - 437 so a breakout either way can be taken in a manner of speaking but
481 is an important resistance zone clearly and is also 38.2% of wave 1 so a potential wave 2 starting point.
Reason 1: We can short ONGC around 190 zone since we have a breakout this could mean that wave 3 has ended and wave 4 is about to start.
Reason 2: Wave 4 is exactly 38.2% Fib level away wave 3.
Please post your comments and let me know what you think
Wave 4 will not terminate in the area of wave 1. So come Monday worst case scenario would be markets would reverse and test area of 627-630 zone where wave 4 would continue on its downtrend again. SL here can be on EOD wave 1.
I have here used the ABC pattern with subwaves 3,3,5. In the C wave as you can see is still forming. here are a list of reasons why i believe that this stock is about to correct.
wave C is still still under completion with 2 subwaves remaining.
Double top formation.
Formation of indecision candle on both the tops.
Channel formation where even if the there...