SUNTV - Too late to Short - Too early to go long
CMP: 722
Please don't trade FNO based on my views.
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Although another 5-10% fall can be expected on this counter, it is too late to short now..
One can wait for the correction to end, wait for reversal signals and confirmation to go long. Watchout for the falling trendline breakout for first sign of confirmation
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Observations:
Shorter TF (75 minutes) view is that, price is following ABC correction to complete the 4th. in which, A and B legs are complete and the C is in play.
C wave unfolds in 5 sub-waves..
Of that 5 waves, it has completed i,ii,iii and iv.
V of C of 4th wave could terminate between 690 and 650 (650 being the 50% retracement level between wave 2 and 3)
Even in this final Vth wave down, price is now falling with speed in 3rd wave.. this will/must slow down in the coming days to form a leading diagonal around 650 levels
Price can fall down further to sub 650 levels too, but shouldn't go below 612.. if it does, the count becomes invalid.
Primary view (weekly TF) is bullish and we are looking at 1200+ in the next leg up.
On Daily TF, price has completed 3 waves from the lows of 260 and now pulling back on the 4th..
Price must not break 612 at any cost for this view to play out. If the price breaks 612, then, this entire count should be revised.
Although another 5-10% fall can be expected on this counter, it is too late to short now..
One can wait for the correction to end, wait for reversal signals and confirmation to go long.
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
Please don't trade FNO based on my views.
-------
Although another 5-10% fall can be expected on this counter, it is too late to short now..
One can wait for the correction to end, wait for reversal signals and confirmation to go long. Watchout for the falling trendline breakout for first sign of confirmation
--------------
Observations:
Shorter TF (75 minutes) view is that, price is following ABC correction to complete the 4th. in which, A and B legs are complete and the C is in play.
C wave unfolds in 5 sub-waves..
Of that 5 waves, it has completed i,ii,iii and iv.
V of C of 4th wave could terminate between 690 and 650 (650 being the 50% retracement level between wave 2 and 3)
Even in this final Vth wave down, price is now falling with speed in 3rd wave.. this will/must slow down in the coming days to form a leading diagonal around 650 levels
Price can fall down further to sub 650 levels too, but shouldn't go below 612.. if it does, the count becomes invalid.
Primary view (weekly TF) is bullish and we are looking at 1200+ in the next leg up.
On Daily TF, price has completed 3 waves from the lows of 260 and now pulling back on the 4th..
Price must not break 612 at any cost for this view to play out. If the price breaks 612, then, this entire count should be revised.
Although another 5-10% fall can be expected on this counter, it is too late to short now..
One can wait for the correction to end, wait for reversal signals and confirmation to go long.
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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