MAPMYINDIA : Building up for recovery MapMyIndia (CE Info Systems)
Corrective Wave C Completion: The price corrected to ₹1,446, forming a liquidity zone where buyers are likely to emerge.
Target Zone: Fibonacci retracement and prior highs suggest targets at ₹2,303-2,406.
Stop Loss Placement: Below ₹1,320, indicating a failure of buyer interest.
Trade Plan:
Entry: Buy between ₹1,446-1,500, aligning with the demand zone and the end of Wave C.
Target: Exit partially at ₹2,303 and fully at ₹2,406.
Stop Loss: Set at ₹1,320 to protect against downside risks.
Risk-Reward:
Risk (₹1,320): ₹126 below entry at ₹1,446.
Reward (₹2,303): ₹857 above entry.
R/R Ratio: 1:7 – an excellent swing trade setup.
Educational Tip: Corrections near Fibonacci levels (61.8%, 78.6%) often mark reversal points. Monitor price exhaustion signals like long wicks or bullish engulfing candles.
Final Thoughts: Follow your plan with discipline. Adjust trailing stop losses as the price moves in your favor. Always calculate R/R before taking any position.
Let me know if you need further refinements!
