we might be ending wave D of neutral triangle in bajaj finance as it seems like wave d took form of a regular flat and target of 100% extention of sub-wave A for sub-wave C is coming at 6457.We also have channel support near those levels along with wave B price action zone starting at 6477 and price touching 6477 level would ful-fill wave D criteria of Neutral triangle. I am not including momentum indicator as it wud be oversold only.Although shown trendline is not B-D trendline but can be considered as significant trend line as we had 4 touch points and going ahead we can see it providing rasistance for wave E bounce.
As of now if we get reversal candle followed by a close above reversal candle's high then we can go long for wave E bounce with the reversal candle low as our stop-loss and expect 5-6% of move on the upside unfolding in the form of wave E.
Analysis provided here doesnt state that one should go long straight away rather one should wait for price action to confirm end of wave D.
I will update this idea once we get trade setup for long trade.
Disclamer:This are just my views and i am publishing this for my future reference.
Komentarz
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we are in wave d sub wave c sub wave 4 sub wave c sub wave 3 or 5.Going ahead i am expecting current up move to continue till atleast 6831,however it can even continue till 6900.Any bearish reversal candle in the shown box can trigger fresh selling which would again take price to 6450 levels to complete wave 5 of wave c of wave d.
Komentarz
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Seems like wave 4 has ended and wave 5 hsa begun.One can short at cmp of 6930 with hourly closing stop of 7000 and target of 6700 and 6600
Ideally in neutral triangle wave E is not as big as we are currently seeing,meaning momentum is not there in wave E of neutral triangle,but here we are seeing impulsive rise post wave ((d)) decline,meaning wave e has taken a form of zigzag suggesting us we are in middle of diametric correction of which wave A,B,C, and D is done and wave E has started and target for which is coming at 8095,so one can stay long as long as 7000 is protected on the downside as it would invalidate our impulse count.Currently we are in wave 3 of wave A of impulse meaning we can see consolidation or decline in the form of wave 4 which can take prices to sub 7400(depends where this wave 3 will end),look to enter into this stock once we see wave 4 decline get over.
when will it comes to 7500 or 8000 and above ,why so much consolidation and how much more days of this pain to bear. ?
UNDERDOG-29
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@4576c7aa2bb04832b704aee8c03904,after looking at price action i think we have already made a significant top and going ahead in 2022 we will see more price deterioration as on larger degree we might be completing WXY double correction once price reaches 7200-7300 levels from current levels(6746) and going ahead we will either see an impulsive fall unfolding in 5 waves or an side ways move in the form of wave X which would open up the scenario for one more corrective move on the upside in the form of wave Z.If you are asking me about reason behind this fall then i cant comment as i only trak price