The analysis is only for educational purpose.
AB can retrace up to 78.6% of the XA leg - Condition satisfied
BC can retrace between 38.2% – 88.6% of AB Condition satisfied
CD can be an extension of 1.618% – 2.618% of AB Condition satisfied
CD can also be an extension of up to 1.272% – 1.618% of XA leg Condition...
This entity has open and started below cloud today as well as major 20-50 MA crossover. Wait for it to retrace near 114 level and then short it for good risk reward ratio of 1:2 for first target and 1:3 for a second target.
However, if close below 110 today one can STBT it for immediate first target.
Trade with atleast 2 lots in option and book profit...
Sometimes we tend to miss the obvious when we look out for trades, it happens for everyone.
In this Bank of India (BOI) if we zoom out n look at charts or on daily time frame, we will see a heavy downtrend in BANKINDIA.
Here we got a Bullish Bat formation which is yet to get completed @ D, if that happens we will go long in this trade.
Check your plan & keep...