TITAN (NSE India) shorting opportunity
Hi All,
I follow Elliott Wave Principle for trading, I am a novice trader (trading since DEC-2015 using the Wave Principle). This is my first post/idea in the forum, so pls forgive any mistakes.
Below is an interesting chart. Request veteran traders to pls review and comment.
On weekly, TITAN has completed its X wave at 379. This X is continuation of correction started from 448 in feb-2015.
X is a complex zigzag in this case; both a of X and c of X are double zigzags.
Weekly chart:
Hourly chart shows completion of c of X.
Hourly chart:
So, shorting at 379 with stop at 382 target below 301.70 (i.e. below beginning of the X wave on weekly) seems a good trade.
Regards,
PT
I follow Elliott Wave Principle for trading, I am a novice trader (trading since DEC-2015 using the Wave Principle). This is my first post/idea in the forum, so pls forgive any mistakes.
Below is an interesting chart. Request veteran traders to pls review and comment.
On weekly, TITAN has completed its X wave at 379. This X is continuation of correction started from 448 in feb-2015.
X is a complex zigzag in this case; both a of X and c of X are double zigzags.
Weekly chart:
Hourly chart shows completion of c of X.
Hourly chart:
So, shorting at 379 with stop at 382 target below 301.70 (i.e. below beginning of the X wave on weekly) seems a good trade.
Regards,
PT
Trade closed manually
SL hit @ 382. Still, this is a short per the wave formations.
Next short level is 386 with stop at 387; although more likely level will be 393.2. It is based on the following Fibonacci table:
Wave-c start: 333.8
wave-a length: 29.7
Fib # Target for wave-c end
0.382 345.1454
0.5 348.65
0.618 352.1546
0.763 356.4885428
1 363.5
1.236 370.5114572
1.382 374.8454
1.5 378.35
1.618 381.8546
1.763 386.1885428
2 393.2
2.236 400.2114572
2.382 404.5454
2.5 408.05
2.618 411.5546
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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.