VEDL:Trend Continuation + Elliott (ABCDE) Correction Triangle.

VEDL

Vedanta Ltd. has been in a consolidation zone for more than 2.5 months after a bearish trend and there is also 5 waves correction triangle is forming.

Some more confirmation is mentioned below:-

1. The price will face resistance of the 200 EMA zone.
2. The volume is not supporting the Up movement the volume is declining and the price is increasing this is a sign of weakness in the up move.
3. Previous bear trend + consolidation triangle most likely a second leg down to the down.
Multiple resistance on the upside gets a better chance to short instead of going long.

:-Entry should be based on some reversal candle on the respected chart of 4 hour and break of that signal candle.
:-Stop loss should be above some points of a resistance Zone.

I hope you like the idea.
please like and comment with your views on this idea.

Keep learning,
Happy trading.

Thank you for reading.

Commentaire:

Opened gap up yesterday and dropped, will take entry if a candle close under the range below 288

Ordre annulé:

trade not active as the price is broken out to the upside.