CMP: 11020
TF: Hourly
Primary view:
Looks like we are in for the 3rd of 5th wave upmove (or) we are ending the 2nd of 5th
Indications/Reasoning:
1. Price is taking support at the 61.8% retracement of this first leg up from 10050 to 12340
2. On shorter time frame, one can observe 5 wave upmove followed by 3 wave downmove.
3. Price is taking support at the SuperTrend on Daily TF
4. The ABC corrective move halted at the 100% extension of the AB leg (AB=BC)
5. Price is at the Cloud Base
6. Expecting HAMMER candle by today's close.
Chart with counts on Larger TF (from COVID Lows at 2910) is copied below
Action Plan:
We need confirmation of the break of trend, for which, it needs to take out swing high at 11300 first. And then the falling trendline from the top.
At 11020, it is a good looking LRHR set up (STOP of 100-150 points)
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
TF: Hourly
Primary view:
Looks like we are in for the 3rd of 5th wave upmove (or) we are ending the 2nd of 5th
Indications/Reasoning:
1. Price is taking support at the 61.8% retracement of this first leg up from 10050 to 12340
2. On shorter time frame, one can observe 5 wave upmove followed by 3 wave downmove.
3. Price is taking support at the SuperTrend on Daily TF
4. The ABC corrective move halted at the 100% extension of the AB leg (AB=BC)
5. Price is at the Cloud Base
6. Expecting HAMMER candle by today's close.
Chart with counts on Larger TF (from COVID Lows at 2910) is copied below
Action Plan:
We need confirmation of the break of trend, for which, it needs to take out swing high at 11300 first. And then the falling trendline from the top.
At 11020, it is a good looking LRHR set up (STOP of 100-150 points)
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
Trade attivo
Price has broken the recent swing high at 11300 as expected and also the pullback in the morning is an icing on the cake.. A good trade building up between 11100 and 11150 zone for a move beyond 11500Trade chiuso: obiettivo raggiunto
It is called 3rd wave for a reason.. 11000 to 12500 came in a jiffy.. Closing this trade for now.. but larger trend is intactDaily chart and hourly chart with counts are attached..
On Daily TF price is in Open Sky ATH zone..
On hourly, smaller Dgeree iii is getting over now.. sideways to pullback is due anytime now.. Not a place to go long..
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.