MARI PROBABLY IN WAVE '' 4 '' ( TEAL COLOR )- LONGThis is in continuation to our ongoing tracking of MARI C or 3 wave structure.
If the wave count is correct then we are in wave 4 of wave C or 3 which will most probably reach 661 - 627 range near which I've marked the buy zone. Trading wave 5 is a little tricky because there are multiple factors at play here therefore we will use cautious approach to trade this.
Firstly predicating completion of wave 4 is very difficult, secondly chances of 5th wave failure are also present which means prices might not make a new high, thirdly is the proportion between the 2 and 4 wave (marked in teal color) in which case prices will not even reach the buy zone and will start rising from 680 level up.
So here is how we gonna trade this, since we have already made profits from the last 2 waves of MARI that I published. We will not be taking full positions here but just a small chunk, we will just invest 25% of our investment here and will only enter long positions between 654 - 632 range .
Although we have marked the buy range from 661 but we will only enter between 654 - 632 zone, if we don't get that price we are not trading this last leg up. Below 632 will increase the chance of 5th wave failure and if prices go below 611 then our entire wave count will get weaken.
Trade setup:
Entry price: 654 - 632
Stop loss: We are not marking any stop loss here because MARI has very strong fundamentals therefore we are bullish in it for the long term and since we our only taking 25% portion of our investment on this trade therefore we will hold them for our long term target of 1350 - 1500 just incase if the market goes against us.
Target: Will update after completion of wave 4
Let see how this plays, Good Luck!
Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.
