SHORT between range 250-260. Target and Reasons below
Technically @tatapower is showing many bearish signals at a higher timeframe. There are significant confluences in the range of 250-260. Reasons I would look for a short:
1- Looks like a class book pattern -Wycoff Distribution pattern(Currently in phase B later half end, so we maybe we see 250-260 first)
2- It is in the 5th wave according to Elliot wave theory when the complete chart is observed. (Usually followed by elongated periods of sideways or a good correction.)
3-Also looks like a classic head and shoulder pattern wherein the right shoulder could be forming here, so a move to the 250-260 region.
My target for the short is 130-160. Also, a move to 80 could be seen, depending on price action and market demand at those regions.
A good stop loss would be above 301, but also 281 could serve the same depending on price action at 250-260.
Will follow up with updates on this.
1- Looks like a class book pattern -Wycoff Distribution pattern(Currently in phase B later half end, so we maybe we see 250-260 first)
2- It is in the 5th wave according to Elliot wave theory when the complete chart is observed. (Usually followed by elongated periods of sideways or a good correction.)
3-Also looks like a classic head and shoulder pattern wherein the right shoulder could be forming here, so a move to the 250-260 region.
My target for the short is 130-160. Also, a move to 80 could be seen, depending on price action and market demand at those regions.
A good stop loss would be above 301, but also 281 could serve the same depending on price action at 250-260.
Will follow up with updates on this.
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*Not a financial advice
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We see that the price has been rejected from the given zone, targets are not far!!