Elliot Wave reading-
Indigo, has been range bound for last 6 months from a level of 5038, where wave-3 was completed, and then corrective wave -4 completed at 3960 levels.
Motive wave-5 is in formation, Probable Targets of wave-5 as per Elliot wave are:
• 0.618 extension of wave -1 @ 4626 (which has already breached)
• Wave-5 may travel same distance as wave-1 @ 5038
Harmonic Pattern Reading:
Butterfly wave pattern (XABCD)was in formation, The 0.786 (actual 0.764) retracement of the XA leg is the most important ratio and gives the confirmation of Pattern. Which gives us point B at 4739 level.
The Multiple Potential Possible PRZ ( Point D) are
• 1.618 Retracement of BC at 5232.5
• 2.618 Retracement of BC at 6026.33
Strategy for Agressive Traders
Option-1: Entry @ Confirm Breakout: Closing above 4800;
Stop Loss: Closing below 4730
Target -1: 5035 (As per Elliot); Book 25% profit
Target-2: 5235.5 (as per harmonic pattern) book profit
Aggressive traders can carry forward 25% of position, with trailing stop loss (low of previous day) for a target of 6026.33
Option- 2:
• Entry at 4371-4400
• Stop Loss: 4167
• Target-1: 4739
• Target-2: 5035
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Indigo, has been range bound for last 6 months from a level of 5038, where wave-3 was completed, and then corrective wave -4 completed at 3960 levels.
- Wave-1 completed at 2745.10
- Wave-2 Completed at 2333.35
Motive wave-5 is in formation, Probable Targets of wave-5 as per Elliot wave are:
• 0.618 extension of wave -1 @ 4626 (which has already breached)
• Wave-5 may travel same distance as wave-1 @ 5038
Harmonic Pattern Reading:
Butterfly wave pattern (XABCD)was in formation, The 0.786 (actual 0.764) retracement of the XA leg is the most important ratio and gives the confirmation of Pattern. Which gives us point B at 4739 level.
The Multiple Potential Possible PRZ ( Point D) are
• 1.618 Retracement of BC at 5232.5
• 2.618 Retracement of BC at 6026.33
Strategy for Agressive Traders
Option-1: Entry @ Confirm Breakout: Closing above 4800;
Stop Loss: Closing below 4730
Target -1: 5035 (As per Elliot); Book 25% profit
Target-2: 5235.5 (as per harmonic pattern) book profit
Aggressive traders can carry forward 25% of position, with trailing stop loss (low of previous day) for a target of 6026.33
Option- 2:
• Entry at 4371-4400
• Stop Loss: 4167
• Target-1: 4739
• Target-2: 5035
✅For More Trading Ideas, LIKE SHARE & FOLLOW My Idea Stream✅
Note
Target-1 Met,Target -1: 5035 (As per Elliot); Book 25% profit
Note
Stop loss must be modified to 4730
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.