CoalIndia forming a FiveThree and looks like we are in wave C
Coal India is forming a Five Threes ABCDE and looks like we are in the C leg. And Wave C is an abc' zigzag, currently in the wave iv the of the internal wave c of the said abc' zigzag. wave iv is almost completing in an expanding flat. If this turned out to be true ( if true :D ) Wave v can bring down the stock to 214. The next Fibonacci level.
Actually in zigzag A= C is expected, but it can be in the range 61.8% to 100%. This is a hypothetical view and there can be many other variations, please bear with me for my studies.
Actually in zigzag A= C is expected, but it can be in the range 61.8% to 100%. This is a hypothetical view and there can be many other variations, please bear with me for my studies.
Nota
(please dot ask for any trading plans. Instead we can discuss price levels. Both are different :D)275 zone is a strong resistance level. If it is showing resistance like a bearish candles at trend line , with weak indicators, one can definitely go for shorting. Remember we are assuming that a 3.3.3.3.3 here and we are completing the internal wave v of wave C. so if wave v is completed at 234(strong Double bottom support), then the candle at resistance will piercing through the resistance towards 315. Once 315 (the38.2 % of the total fall from the top 447) level is crossed we can confirm the bull move towards further high.
I summary, the move at 275 resistance is strong now by indicators, and the daily MACD is running through positive zone above zero line. It can go towards 315. Take wise decisions.
Nota
The said level is crossed with breakout from falling wedge :DNow a separate post will be made to prepare for waves. we may be in Wave E :D
Nota
breaking the barriers.
Penafian
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