HAL - End of short term correction? 1000 pts rally on the cards?
HAL - CMP 4048
TF: 90 minutes
Looks like the first leg of correction (A) is almost done in a 5 wave structure.
Internal counts are marked
Diagonal is visible at the end of this sideways correction/consolidation
Price is still holding the June 4th lows.
Looking at the sideways correction on weekly TF (see below), looks like the price cant fall one way down, and hence a retracement is expected. You will also notice that price is at the DEMAND zone on weekly TF
For this B wave (until or otherwise it breaks a specific Fib/invalidation level, the count remains corrective, and hence, it is considered as corrective rise B), the minimum expectation is 50-61% retracement of this entire fall. That would be 4800-5000 levels.
We will decide the next course of action depends on how well the price reacts at that zone.
For now, fresh shorts are not advisable and a low risk LONG Set up could emerge soon
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
TF: 90 minutes
Looks like the first leg of correction (A) is almost done in a 5 wave structure.
Internal counts are marked
Diagonal is visible at the end of this sideways correction/consolidation
Price is still holding the June 4th lows.
Looking at the sideways correction on weekly TF (see below), looks like the price cant fall one way down, and hence a retracement is expected. You will also notice that price is at the DEMAND zone on weekly TF
For this B wave (until or otherwise it breaks a specific Fib/invalidation level, the count remains corrective, and hence, it is considered as corrective rise B), the minimum expectation is 50-61% retracement of this entire fall. That would be 4800-5000 levels.
We will decide the next course of action depends on how well the price reacts at that zone.
For now, fresh shorts are not advisable and a low risk LONG Set up could emerge soon
I am not a SEBI registered Analyst. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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