Trade rationale

Other – Study mentioned in Notes Below

The Elliott Wave Theory: The Follwoing position in the Script has been taken by taking into consideration, the ABC correction, which has started at 660 levels andcompleted at 550 levels, which is the immediate support point for the Script. Breakout has been seen and on a smaller time frame hesitation has been seen in the form of Horizontal triangle formation, which would result into the continuation of ongoing rally towards the desired target with stop loss at 560 levels. On 30 Min time frame: MACD (12,26,9) crossing zero line at 0.4, ADX(14,14) at 20.4 and RSI (14) at 52 supports the short term buying position.