MARI PROBABLY IN WAVE '' C '' OF CORRECTION - SHORT

This is in continuation to our ongoing tracking of MARI.

MARI is most probably in wave C of an ABC correction and since prices moved down giving confidence to our bearish wave count, we are taking a small position by short selling.

Due to market volatility we will trade this setup with cautious using trailing stop loss until we reach our target. We only recommend small positions at the beginning and once prices starts to unfold in our favor we will add more to our positions on bounce backs

Alternately prices can move up toward 650-660 level which is highly unlikely now but not out of question

If our wave count is correct then we can make around 8.50% or 15.50% on this trade.

Trade setup:

Entry price: 604

Stop loss: 632

Targets:
T1: 535-550
T2: 515-500

Let see how this plays, Good Luck!

Disclaimer: The information presented in this wave analysis is intended solely for educational and informational purposes. It does not constitute financial or trading advice, nor should it be interpreted as a recommendation to buy or sell any securities.

Trade active

We are already active in this trade and have short sell at 604

Trade setup:

Entry price: 604

Stop loss: 632

Targets:
T1: 535-550
T2: 515-500

Note

Update:

if prices stay below 620 level and start declining from here, we will add more positions at break below of 600

Note

Update:

Price have dropped down sharply, once market resume prices might bounce back towards 570-580 range but the overall trajectory is down. If we do get an opportunity we will add to our short sell positions at 570-580 level.

Since we did not get the time to close this trade in our T1 range and there's a high probability that we will reach 515-500 range now, we are targeting price of 515.

Note

Update:

More short sell positions added at 566

Target: 515

Note

Update:

Added more to our short sell positions at 561, if our wave count is correct then this should be a last leg down. However the Karachi all share index wave count suggests that the market will go down much further

Note

Update:

Since the geopolitical tensions have eased up, bullish scenarios have opened up again. However as the overall stock market trend is down therefore bearish scenarios still have more weightage.

We are expecting one more leg down towards 535 or even 512 level, Alternately prices will keep on rising and will take out our stop loss at 632.

We will take long positions in both cases i.e. if prices take out stop loss, we will buy at 632 or if prices reach 515 level.

Note

Update:

Wow, the market sky rocketed. I'm not sure if our stop loss got filled. If not we will close this as soon as market resumes.

Note

Update:

Stop loss did not got triggered and as the market is in upper lock, we cannot exit this setup for now. If we do get a chance to exit today, we will.

Note

Update:

Prices have just completed either a minor 3 or C wave and may go down toward 612 - 610 level. Alternately if this is a C wave then prices will go toward 595 or even further down.

Since this current trade setup is not valid anymore due to our mistakes, we are looking to make profit out of this trade anymore and will close this trade at 610 - 612, if we reach it. Otherwise we will close all our positions at day end today.

Note

Update:

Prices did move much today, since prices are near the blue trendline which is holding for now. There's a possibility that prices might reverse back down. Therefore we have decided to close 50% of our positions at todays end and will hold the other 50% incase prices start declining again.

Let see if today close remains under the blue trendline

Stop loss for remaining 50% positions will be 723.

Note

Update:

Prices have started to decline again, if wave count is correct prices can easily go towards 585 or 550 level, however prices can easily reverse back up from 610-600 level as well.

We have trailed down our stop loss to 661 now for our remaining 50%. We will buy heavily if price breaks above 660, as it will activate our long term buy setup which will easily take us to 750-760 level, 900 or even towards 1200-1300 level.

KayJay

Disclaimer

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KayJay