TITAN trade ideas
Titan Breaks Out from Descending Triangle The price action broke out from triangle and followed up with big green candlesticks indicated strong buying pressure. At current prices, the price action may move down to 406 levels again as profit booking can be seen and from 406 levels new buying pressure will be asserted in price action to move upto 430 levels or to previous resistance.
Target: 432
Stoploss: 390
TITAN (NSE India) shorting opportunityHi 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
