Looking to buy the retracement of wave 1 (marked in purple) as close as possible to Rs 8, with stop loss at Rs 6.98 and an immediate target of Rs 12.5.
RiskRewardRatio is 1 : 4.5
P.s. Why i mention this trade could be highly rewarding is because, i have reason to believe we have started Wave 3.
Good Luck. Cheers !
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DISCLAIMER: This trade is for educational purposes only.
Hi there, LLooks like your call is playing out well.
I had exited at 8.8..what would be a good level to re-enter? Between 7.5 to 8 or do you think there is a chance of going even below 7
Shankey2191
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@georgematt, Hi the count gets negated below 7. According to elliott wave rules wave 2 cannot go below wave 1. So anywhere ranging between 7-8 is good.
@Shankey2191, Hi the resistance at 9.35 seems a but strong. Does the re-tracement to 12.5 still hold good?
Shankey2191
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@georgematt, YES. Looks good. Keep trailing your SL.
SD2909-
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I'm holding at 10.40. will it bounce back within this week?
Shankey2191
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@SD2909, Cannot say within this week. But if my count is correct and we have started wave 3, then we shall see my levels very very soon. But its a good hold. I would also suggest holding till before 8th August, before the hearing.
I had exited at 8.8..what would be a good level to re-enter? Between 7.5 to 8 or do you think there is a chance of going even below 7