Are you LONG on AMBER? - Caution required

TF: Daily
CMP: 8250

To me, it looks like the 5 wave has ended on larger TF


Here is the chart in weekly TF with wave counts




However, On Daily TF, the price is trading well above the cloud as well as the short and long term averages (Hence, shorting here to catch the TOP is not a good idea)




On hourly TF, price is taking support at the 200 period EMA.



There is an unfilled GAP at the 6800-7200 zone, which also happens to be the confluence zone of 200 Period EMA on Daily and also the trendline support.

For confirmation, we need to trade below the swing low at 7960

Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.