It was a particularly hard wave pattern to analyze with the corrective wave 4 forming a diagonal triangle.
Key features of this labeling :
1) Wave 3 = 1.618 * wave 1
2) Wave 4 retraced by 38.2% from the starting point.
3) In wave 5, all the minor degree waves are related to each other through fibonacci levels. This improves our case.
4) We get two targets for wave (v) of 5. Both of these targets are strong support lines. We will likely see bounceback from here.
Final Conclusion :
Short term trader:
Go short of the intraday(15 min) charts when you see opportunities. Keep the targets as 82.36 and 79.76 .
Long term traders:
Wait for the prices to touch the support lines. When a candlestick touches the support lines and closes above it, start accumulating the stock and keep a tight StopLoss.
Trade well and be happy :)
Key features of this labeling :
1) Wave 3 = 1.618 * wave 1
2) Wave 4 retraced by 38.2% from the starting point.
3) In wave 5, all the minor degree waves are related to each other through fibonacci levels. This improves our case.
4) We get two targets for wave (v) of 5. Both of these targets are strong support lines. We will likely see bounceback from here.
Final Conclusion :
Short term trader:
Go short of the intraday(15 min) charts when you see opportunities. Keep the targets as 82.36 and 79.76 .
Long term traders:
Wait for the prices to touch the support lines. When a candlestick touches the support lines and closes above it, start accumulating the stock and keep a tight StopLoss.
Trade well and be happy :)