CNX AUTO-End of Triple correction WXYXZ
Time to be cautious on AUTO sector,we have seen a significant corrective rise since covid low's on CNX AUTO INDEX in the form of triple correction WXYXZ,with wave W taking a form of bow-tie diametric pattern,wave Y being a zigzag, and wave Z being a flat correction.Post this we can see impulsive move unfolding on the downside retracing entire WXYXZ pattern by 50%(8325)
Look at the angle of ascent,it keeps decreasing with each correction being unfolded on the up side meaning momentum is fading with each higher high's.
Long position should be protected with a closing stop of 11000 on CNX AUTO index as move below 11000 would confirm the completion of the pattern.Hence short selling can be done on the breach of 11000 with a stop of 12000 and target of 8325.
Individual stock's in AUTO sector should be studied separately but analysis should be correlated with CNX AUTO charts in order to get confirmation.
Disclaimer:This analysis is for my future reference no position should be build or exited solely on it's basis.
Look at the angle of ascent,it keeps decreasing with each correction being unfolded on the up side meaning momentum is fading with each higher high's.
Long position should be protected with a closing stop of 11000 on CNX AUTO index as move below 11000 would confirm the completion of the pattern.Hence short selling can be done on the breach of 11000 with a stop of 12000 and target of 8325.
Individual stock's in AUTO sector should be studied separately but analysis should be correlated with CNX AUTO charts in order to get confirmation.
Disclaimer:This analysis is for my future reference no position should be build or exited solely on it's basis.
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