APL APOLLO in Making Wave ((4))

22 Agu

Reason :Month chart structure is clear bullish sequence making Higher High and Higher lows.
Trend is Upwards, So trade will be buying
Now opportunity for buying in Uptrend means, when we get corrective wave formation scenario like wave 2 or Wave no 4 in any degree. so that we can En-cash the upcoming Impulsive major moves in the form of wave 3 and wave 5 in general.

In this chart as per my Elliot Wave count and analysis we are into making of Flat correction pattern Wave ((4)) in Black which is a corrective wave. The same can be completed at 1253 range when the wave (A) blue equal Wave (C) blue which is yet in making.
So the Fibonacci Extension level from mapped from (A)-(B) blue gives us the Range of 1253.5 - 1027.55 which is 100% and 161.8% of Fibonacci Extension.

Once price passes 1027.55 it will be like a impulsive wave on downside and their will be change in wave count and we may have a further deep correction in stock.

However till then we can go with the current view and plan a Buying at 1253.5 Level.

Trade Management :
We can expect min. Bounce in 3 wave up from the Blue box mentioned.
Once we are filled with buy order we will be booking partial profit of 50% Qty at 50% Fibonacci Extension of Wave (C) blue and subsequently will move our stop oss from Exiting 1027 Level to Entry level and Make our trade Risk Free.
and Keep trailing Stop loss for balance 50% Qty once our trade moves in our direction Stop loss will be placed at low of previous Swings.

Happy Trading

Regards
Vijay DHAGE
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