The analysis is only for educational purpose.
AB leg can retrace between 38.2% – 50% of XA leg - Satisfied
BC leg can retrace between 38.2% – 88.6% of AB leg - Satisfied
CD leg can retrace up to 88.6% of XA leg -Close to 88.6 %
In Daily chart, 3 candles rejecting Rs 120 price area.
But higher close on each candle suggest bullishness....
Some recovery can be seen after the recent sell off. There is monthly support at 110 area and market has respected the same. Market took support around 110 and since then has been ranging between 110 and 125. The third retest of 110 saw buying with momentum. Expecting this momentum to continue till 140 - 150 range. A look at the open interest indicates that...