Is Pidilite doing irregular correction?

2017年5月28日

Looking at weekly chart look like a clear 5 wave upmove and then corrective A and B complete .. since wave A was 5 wave and wave B( running flat ) looks like 3 wave.. i have a hypothesis that Pidilite is not in a new impulse rather it is still in corrective and may do atleast 600 or below..

Below is the weekly chart

invst.ly/409gn


Now, coming to the hourly chart, the first wave of Wave C i.e. C.1 ( if it really is wave C) is a clear 5 wave structure and the Wave C.2. just retraced more than 80% of this down move.


invst.ly/409h5

Looking at trendlines .. it did stop right at the channel bottom which it broke.

so here is a trade that i am planning to take on Monday ..Short between 765-770 ( spot ) with a SL of 781 ( july futures mostly ) for a target below 600 .. this is a positional trade and not a short term trade.. the Risk-reward is awesome ..


I am new to EW and i am still learning so this could feel like ambitious , so please provide your view..

2017年6月1日

註釋

its doing some sort of corrective still.. any tick above last high can negate this count.. hold on.. SL final 782..

2017年6月2日

註釋

SL hit.. trade closed.. loss of 10 points ..