Start of Zigzag wave C or Impulse wave 3.Get long

2022년 11월 4일

As depicted in the chart we have completed up move in 5 wave's followed by 3 wave corrective move.Hence it can be assumed that current rise from 68 is either a zigzag ABC or a start of new impulse,in either case we can expect this up move to continue and can take price between 92-100 levels.

Target for zigzag wave c is 92-95.
Target for impulse ave 3 is 100.75.

As per classic elliot wave we have surpassed wave B top of 81 in todays trading session along with wave 5's top of 82.15 which is suggesting to go long with a stop-loss of 77 for above mentioned targets.

Risk-reward for zigzag wave C is 1:2
Risk-reward for impulse wave 3 is 1:3.

Today if we get closing above 81,then one can go long.

Disclaimer:This are just my views on the stock,no positions should be taken solely on its basis,publishing this for my future reference.

2023년 1월 15일

노트

Update on above count,as it turns out stop-loss for the trade got hit.I have re-labelled waves and it turns out we are at cusp of another wave 3 of 3 trade which can give decent short term return.Target is coming at 106 and stop-loss wud be 84 on closing basis.Long entry should be made above 90.

RIght now stock has taken a pause near a rasistance zone of 87-89 but is trading above 200 dma and seems like its forming a base in the rasistance zone,a breakout from this zone on the upside will be very positive for long term trend.