Is Pidilite doing irregular correction?
מעודכן
Looking at weekly chart look like a clear 5 wave upmove and then corrective A and B complete .. since wave A was 5 wave and wave B( running flat ) looks like 3 wave.. i have a hypothesis that Pidilite is not in a new impulse rather it is still in corrective and may do atleast 600 or below..
Below is the weekly chart
invst.ly/409gn
Now, coming to the hourly chart, the first wave of Wave C i.e. C.1 ( if it really is wave C) is a clear 5 wave structure and the Wave C.2. just retraced more than 80% of this down move.
invst.ly/409h5
Looking at trendlines .. it did stop right at the channel bottom which it broke.
so here is a trade that i am planning to take on Monday ..Short between 765-770 ( spot ) with a SL of 781 ( july futures mostly ) for a target below 600 .. this is a positional trade and not a short term trade.. the Risk-reward is awesome ..
I am new to EW and i am still learning so this could feel like ambitious , so please provide your view..
Below is the weekly chart
invst.ly/409gn
Now, coming to the hourly chart, the first wave of Wave C i.e. C.1 ( if it really is wave C) is a clear 5 wave structure and the Wave C.2. just retraced more than 80% of this down move.
invst.ly/409h5
Looking at trendlines .. it did stop right at the channel bottom which it broke.
so here is a trade that i am planning to take on Monday ..Short between 765-770 ( spot ) with a SL of 781 ( july futures mostly ) for a target below 600 .. this is a positional trade and not a short term trade.. the Risk-reward is awesome ..
I am new to EW and i am still learning so this could feel like ambitious , so please provide your view..
הערה
its doing some sort of corrective still.. any tick above last high can negate this count.. hold on.. SL final 782..הערה
SL hit.. trade closed.. loss of 10 points ..
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