Hi ...
.... Thanks for your query. As for now, I am not anticipating entry point and SL for this situation.The strategy is pretty simple for me. If wave '4' is confirmed clealry. I shall go with 9600 PE (June series). Or else, I may take 9600 CE (June series) till the time wave '3' survives.
We need to take care of 2 things:-
1. Wave '4' can be steep sometimes but it can be slow, frustrating and complex too. Steep corrective waves may end in a day or two. Otherwise, they may be slower and may frustrate PUT buyers. To be frank, making money with impulsive waves 1 or 3 or 5 is much more easier as they are easier to identify.
2. Since this is the beginning of June series, premium of index options tend to be higher than usual in the first week. We need to track premium erosion of CEs and PEs while trading them. For example, look at 9500 CE. It looks expensive.
Lets see next move.
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