ADANIENT - One more Leg down is due?

TF: 75 Minutes
CMP: 2400

The counts are from the recent swings 2681 to 2165

Observation: It is a 5 wave decline and the 3rd wave has ended at 2165..

The price is now following a corrective rise.

The corrective rise can take any form.. Here, I have marked 2 possibilities.

ABC or triangle (abcde)

If this is an ABC correction, then, we have completed A and B, the Final C is play targeting 2490 (100% fib extension (AB=BC). Since the price is also staying above the midpoint of the channel, I am inclined towards this view as my primary count.

If this is a triangle, then, we are looking at sideways consolidation again ranging between 2300 to 2400 to complete the set up

Since I am expecting a final leg down for the 5th, I am not participating in this current corrective rise..

Will wait for clear direction/swing points first.


In the volume Profile chart

We are trading inside the heave volume zone of last week and the week of 18th Aug. The important zones are marked for easy inference. For now, strong base is at 2270-2300



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.