Since Mid August we are seeing price moving in corrective manner,there by forming WXY double correction.So far it seems like each correction took following forms.
wave W:Regular Flat
wave X:Zigzag
wave Y:Regular Flat
Current wave Count:
Scenario:1
Wave y,sub wave c,sub wave 4(triangle wave E),going ahead we can see wave 5 unfolding on the downside but we won't see much price deterioration,hence one can start accumulating with wave 3 low 99 as a stop-loss and wave x high 132 as initial target which can be followed by it's prior pivot high of 142.
Scenario:2
We might have completed wave y and currently we are either in wave X or wave 1 or wave A and as per this count also we can expect up move in the stock in the form of wave C or wave 3 taking price to previous pivot high of 132.
PS:Personally favoring scenario 1
Disclaimer:This are my personal views on the stock no position should be build or exited on its basis.I am posting this just for my future reference
wave W:Regular Flat
wave X:Zigzag
wave Y:Regular Flat
Current wave Count:
Scenario:1
Wave y,sub wave c,sub wave 4(triangle wave E),going ahead we can see wave 5 unfolding on the downside but we won't see much price deterioration,hence one can start accumulating with wave 3 low 99 as a stop-loss and wave x high 132 as initial target which can be followed by it's prior pivot high of 142.
Scenario:2
We might have completed wave y and currently we are either in wave X or wave 1 or wave A and as per this count also we can expect up move in the stock in the form of wave C or wave 3 taking price to previous pivot high of 132.
PS:Personally favoring scenario 1
Disclaimer:This are my personal views on the stock no position should be build or exited on its basis.I am posting this just for my future reference
Comentarios:
As of now,Scenario 2 seems to be playing out,wave 2 has yet not concluded and has taken a form of triangle,which is suggesting that it can be wave B of second connector wave X,however view still remains bullish for wave C upside move.
Comentarios:
Seems like above mentioned count needs to be invalidated as prices have retarced wave 1 enirely.Re-labeeling entire fall to WXYXZ we are in third correction wave Z sub wave c sub wave 3.Going ahead we can price falling further till 89-90 levels,post which we can see decent rise as maximum we can see 3 correction in one move post which entire fall or rise of 3 correction is retraced.
Seems like above mentioned count needs to be invalidated as prices have retarced wave 1 enirely.Re-labeeling entire fall to WXYXZ we are in third correction wave Z sub wave c sub wave 3.Going ahead we can price falling further till 89-90 levels,post which we can see decent rise as maximum we can see 3 correction in one move post which entire fall or rise of 3 correction is retraced.