Observation:
On Daily TF,
Price is taking support at 200 EMA
Price is taking support at the cloud
Price is taking support at the SuperTrend
Pinbar candle formed at the previous Base
Today's volume activity (23rd July) suggests/hints at an end of correction/start of a new upmove
EW Counts/Assumptions:
The final 5th has commenced from the lows at 1450 and has completed 3 of 5. 4th was retracing and has now halted at the 50% fib level of the rise (from 2nd wave).
5 of 5 should start from hereon.
Chart with Detailed Counts:
Why this is low risk set up?
As per EW rules, wave 4 cant be trading inside wave 1.
Here the wave 1 high is at 1732 (in other case/worst case scenario), it could even be 1704) and the CMP is 1770.
With just 2% SL (worst case 4%) as Risk, this looks dicey.
A good script to watch for the next few weeks.
As far as the upper end goes, while technically it should make a new ATH (2400+) to complete the 5th; the FVG at 2100-2200 can be a good reference point to trade with.
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.
On Daily TF,
Price is taking support at 200 EMA
Price is taking support at the cloud
Price is taking support at the SuperTrend
Pinbar candle formed at the previous Base
Today's volume activity (23rd July) suggests/hints at an end of correction/start of a new upmove
EW Counts/Assumptions:
The final 5th has commenced from the lows at 1450 and has completed 3 of 5. 4th was retracing and has now halted at the 50% fib level of the rise (from 2nd wave).
5 of 5 should start from hereon.
Chart with Detailed Counts:
Why this is low risk set up?
As per EW rules, wave 4 cant be trading inside wave 1.
Here the wave 1 high is at 1732 (in other case/worst case scenario), it could even be 1704) and the CMP is 1770.
With just 2% SL (worst case 4%) as Risk, this looks dicey.
A good script to watch for the next few weeks.
As far as the upper end goes, while technically it should make a new ATH (2400+) to complete the 5th; the FVG at 2100-2200 can be a good reference point to trade with.
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.
Dagangan ditutup: hentian tercapai
The impulse counts have become invalid.. will post a chart with fresh counts
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.