GOLD is reallty looking for positional atm.
It is forming WAVE 3 on the larger degree shown in Red color.
This WAVE 3 comprises of five impuse wave out of which WAVE 4 correction (WXYXZ) is about to be completed.
Just sharing a view but deriving trade based on the view is not difficult.
Asian paint is now approaching nice and solid support levels. Keep and eye on XABCD with 1.618 FIB and XABCD with 0.886 FIB
Any investment buy from CMP till 2000 is a solid buy with SL as 1975
For F&O Long positions, we will wait until it formes some sort of Reversal patterns of break downtrend line and then we will have swing low established and we can inititate...
Nifty is trading at a strong FIB Resistance level. be careful bulls out there.
(1) 1.618 FIB from Feb-2020 High
(2) 2.618 as a FIB projection
(3) Tredline Resistance
(4) RSI Divergence (Price higher high RSI lower high)
Can it go high from this reange- yes it can, but it must break 15275-15300 with strong buying force and close above it
Path of least...
Britannia is approaching the major support zone now from 3300-3400.
Bullish Harmonics Pattern with 0.886 FIB
Mostly likely forming a double bottom (Not confirmed yet)
Waiting for a bullish reversal signs however Bullish Div is clearly seen on Hourly and 2 hourly TF.
Long here in Delivery and/or F&O is a low risk entry with SL below the major support line.
Burger king is in Golden FIb zone. Retarcement till 0.786 and taking support there is positive. Plus, it took price action support around 130-125 zone. It also broke the downwards trendline.
Accumulating at this level for a possible taarget of 200 and 225 will have very good R:R.
See how nicely Harmonics and EW waves work togther.
We can find high probable setups with these tools.
Right now Wave 4 is in progress and i am expecting one impulse leg further to complete the strcuture. We need to see how the waves are emerging and then attempt to count them using corrective waves pattern.