Trade plan based on Momentum.
# Risk / Caution : Trendline Break out's Retest are still pending which are deep. Refer Red and Blue Trendlines on the chart which are B/O levels.
ATR and Retracement Based Analysis:
Monthly ATR (230)
Weekly ATR (100)
Daily ATR ( 40)
1. September H-L = 2480 - 2255 = 225 Means Monthly move is already achieved for September.
2. 50% retracement on Monthly being 225/2 = 112 points. from top. That being (2,480 - 112 = 2,368).
3. 61.8% retracement on Monthly being 140 points from the top. That being (2,480 - 140 = 2,340).
4. 78.6% retracement on Monthly being 177 Points from the top. That being (2,480 - 177 = 2,303)
4. Average of above three retracements being (2,368 + ,2,340 + 2,304)/3 = 2,337
5. Therefore, TGTs for October 2021 based on ATR and above average retracement levels can be 2,562 - 2,584
(2,354 + 230 points = 2,584) - Based on Average of 50% and 61.8% retracement
(2,336 + 230 points = 2,564) - Based on Average of all three retracements
# Either enter at around 2,337 - 2,355 or trail longs with SL at 2,337 (Closing basis)