Day Trading Stocks & Futures

Riskyman

Well-Known Member
Yes Riskybhai finally aa hi gaya ;):), Exiting?
Reliance May bounce back once before going further down
I will book some lots at 42-44 levels if I see it today. Dont want to be too greedy although i will hold the last few lots for 1030 on spot.
Moreover, Tomorrow is an event so "a bird in hand is better than two in the bush".
 
This is just an update to my previous Reliance count
We eere expecting red wave B to the upside and it was moving as expected and when it moved above the previous swing high ie blue wave c in previous chart, it called for relabeling of blue wave B as flat correction as shown in below chart. Currently blue ABC also looks completed and fresh downmove may be in progress, I have marked then as blue wave 1 (completed) 2 in progress and 345 yet to start. If it turns out to be right then short entry might come around 1143 and once that level is taken out it has to fall sharply to confirm we are right and ride the rest of the waves. If there is any hesitation then tight SL need to be brought because waves might get complicated and might call for relabeling of waves again.
Before breaking 1143 if it goes up and break above blue wave C then also it will call for wave label update.
If it goes according to the plan then initially we could expect 1086 and we can decide further once it reaches there.

Note: Since I am expecting this blue wave 2 as flat , it has to make 5 waves intraday today to complete wave c. if it falls without making those 5 waves then no entry and it will call for small change in count.
View attachment 31349
Reliance is moving well according to the plan. we expected 1086. so far it has made a low of 1086.2. Sl could be adjusted. Since the movement is sharp as expected we can ride further by adjusting the SL appropriately.
 

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