One shorter TF, the script seems to have completed i of 5 and ii of 5 (or the ii could still be in play).
Price is bouncing off/taking support at the confluence zone and demand zone.
Worth watching the price action on this script for a strong move (3rd of 5th) on the upside.
My Observations On Daily TF
- Price has completed 4th wave has commenced 5th
- Retraced to 50% of the entire move from 3825 to 6835 and showing signs of reversal
- Retesting the CLOUD and reversing from Cloud top
- Took Support at and/or Retested 200 DEMA
- Took Support and Bouncing off from Daily ST
Short term resistance is the 20 DEMA as the price got rejected at 20 DEMA now.
Here is the Daily chart with counts
My Take: Between 5000 and 5300 this looks to be a great bargain entry for a move towards 9K or more. Although this is a F&O script, I would consider only for investment purposes.
Caution: My retracement level for 2 of 5 is 50 to 61.8%, however, wave 2 can go far too deep at times (depending on the market conditions) and the invalidation level for this view is 3825
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.
Price is bouncing off/taking support at the confluence zone and demand zone.
Worth watching the price action on this script for a strong move (3rd of 5th) on the upside.
My Observations On Daily TF
- Price has completed 4th wave has commenced 5th
- Retraced to 50% of the entire move from 3825 to 6835 and showing signs of reversal
- Retesting the CLOUD and reversing from Cloud top
- Took Support at and/or Retested 200 DEMA
- Took Support and Bouncing off from Daily ST
Short term resistance is the 20 DEMA as the price got rejected at 20 DEMA now.
Here is the Daily chart with counts
My Take: Between 5000 and 5300 this looks to be a great bargain entry for a move towards 9K or more. Although this is a F&O script, I would consider only for investment purposes.
Caution: My retracement level for 2 of 5 is 50 to 61.8%, however, wave 2 can go far too deep at times (depending on the market conditions) and the invalidation level for this view is 3825
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 active
The entire June series had gone in sideways mode.. the script looks strong though..It is time for this pattern to mature now
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.