MGL Chart Analysis:
- Monthly Chart reveals like Stock has been stuck within a Contracting Triangle of ABCDE Structure since listing
- Weekly Chart Seems like unfolding ABC Zigzag (green ABC) 5-3-5
- Wave B can complete around 1186 to 1250
- Major Wave B(green) seems like in a triple Zigzag and wave Z can end around 1186 to 1252 - These double/triple Zigzags often can look like an impulse
- Major Wave C can be an impulse on the downside and will review the stocks around 1230 to 1250
Current trading strategy can be on the long side from Spot around 1095 with SL of 1040 for targets of 1186/1211/1252 and Trade type depends on strategy one wants to deploy as per risk management(Cash/FNO hedges etc).
Reviews/Feedback/Corrections are welcome.
- Monthly Chart reveals like Stock has been stuck within a Contracting Triangle of ABCDE Structure since listing
- Weekly Chart Seems like unfolding ABC Zigzag (green ABC) 5-3-5
- Wave B can complete around 1186 to 1250
- Major Wave B(green) seems like in a triple Zigzag and wave Z can end around 1186 to 1252 - These double/triple Zigzags often can look like an impulse
- Major Wave C can be an impulse on the downside and will review the stocks around 1230 to 1250
Current trading strategy can be on the long side from Spot around 1095 with SL of 1040 for targets of 1186/1211/1252 and Trade type depends on strategy one wants to deploy as per risk management(Cash/FNO hedges etc).
Reviews/Feedback/Corrections are welcome.