KOTAKBANK good to buy or wait for further correction?
As we can see in the daily chart of KOTAKBANK, wave C of Flat Correction has reached 100% extension (which fulfills the rule of equality). The previous impulse also has a 50% retracement level around the same point, giving us a perfect cluster.
Now, can we directly buy around this level?
The answer is simple.
Suppose the recent low,1735, is broken, and the stock starts to trade below this. In that case, the further level of wave C of Flat Correction will be opened, and the stock may further fall to 127.20% extension, where the 61.8% level of the previous impulse is also present, giving us another cluster. We can initiate buying at this point which is around 1695.
Risky traders may start buying at the CMP with SL of recent low.
This analysis is for educational purposes only.
Always do your own analysis before doing any trade.
Now, can we directly buy around this level?
The answer is simple.
Suppose the recent low,1735, is broken, and the stock starts to trade below this. In that case, the further level of wave C of Flat Correction will be opened, and the stock may further fall to 127.20% extension, where the 61.8% level of the previous impulse is also present, giving us another cluster. We can initiate buying at this point which is around 1695.
Risky traders may start buying at the CMP with SL of recent low.
This analysis is for educational purposes only.
Always do your own analysis before doing any trade.
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