persistenttrader
Short

TITAN (NSE India) shorting opportunity

NSE:TITAN   TITAN COMPANY LTD INR1
Hi All,

I follow Elliott Wave Principle for trading, I am a novice trader (trading since DEC-2015 using the Wave Principle). This is my first post/idea in the forum, so pls             forgive any mistakes.

Below is an interesting chart. Request veteran traders to pls             review and comment.

On weekly, TITAN has completed its X wave at 379. This X is continuation of correction started from 448 in feb-2015.
X is a complex zigzag in this case; both a of X and c of X are double zigzags.

Weekly chart:
snapshot


Hourly chart shows completion of c of X.
Hourly chart:
snapshot


So, shorting at 379 with stop at 382 target below 301.70 (i.e. below beginning of the X wave on weekly) seems a good trade.

Regards,
PT
Trade closed manually: SL hit @ 382.

Still, this is a short per the wave formations.

Next short level is 386 with stop at 387; although more likely level will be 393.2. It is based on the following Fibonacci table:

Wave-c start: 333.8
wave-a length: 29.7

Fib # Target for wave-c end
0.382 345.1454
0.5 348.65
0.618 352.1546
0.763 356.4885428
1 363.5
1.236 370.5114572
1.382 374.8454
1.5 378.35
1.618 381.8546
1.763 386.1885428
2 393.2
2.236 400.2114572
2.382 404.5454
2.5 408.05
2.618 411.5546
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