This is in continuation to our ongoing tracking of MARI C or 3 wave structure.
If the wave count is correct then we are in wave 4 of wave C or 3 which will most probably reach 661 - 627 range near which I've marked the buy zone. Trading wave 5 is a little tricky because there are multiple factors at play here therefore we will use cautious approach to trade this.
Firstly predicating completion of wave 4 is very difficult, secondly chances of 5th wave failure are also present which means prices might not make a new high, thirdly is the proportion between the 2 and 4 wave (marked in teal color) in which case prices will not even reach the buy zone and will start rising from 680 level up.
So here is how we gonna trade this, since we have already made profits from the last 2 waves of MARI that I published. We will not be taking full positions here but just a small chunk, we will just invest 25% of our investment here and will only enter long positions between 654 - 632 range .
Although we have marked the buy range from 661 but we will only enter between 654 - 632 zone, if we don't get that price we are not trading this last leg up. Below 632 will increase the chance of 5th wave failure and if prices go below 611 then our entire wave count will get weaken.
Trade setup:
Entry price: 654 - 632
Stop loss: We are not marking any stop loss here because MARI has very strong fundamentals therefore we are bullish in it for the long term and since we our only taking 25% portion of our investment on this trade therefore we will hold them for our long term target of 1350 - 1500 just incase if the market goes against us.
Target: Will update after completion of wave 4
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.
If the wave count is correct then we are in wave 4 of wave C or 3 which will most probably reach 661 - 627 range near which I've marked the buy zone. Trading wave 5 is a little tricky because there are multiple factors at play here therefore we will use cautious approach to trade this.
Firstly predicating completion of wave 4 is very difficult, secondly chances of 5th wave failure are also present which means prices might not make a new high, thirdly is the proportion between the 2 and 4 wave (marked in teal color) in which case prices will not even reach the buy zone and will start rising from 680 level up.
So here is how we gonna trade this, since we have already made profits from the last 2 waves of MARI that I published. We will not be taking full positions here but just a small chunk, we will just invest 25% of our investment here and will only enter long positions between 654 - 632 range .
Although we have marked the buy range from 661 but we will only enter between 654 - 632 zone, if we don't get that price we are not trading this last leg up. Below 632 will increase the chance of 5th wave failure and if prices go below 611 then our entire wave count will get weaken.
Trade setup:
Entry price: 654 - 632
Stop loss: We are not marking any stop loss here because MARI has very strong fundamentals therefore we are bullish in it for the long term and since we our only taking 25% portion of our investment on this trade therefore we will hold them for our long term target of 1350 - 1500 just incase if the market goes against us.
Target: Will update after completion of wave 4
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.
Note
Good morning everyone, hope you had a great weekend :)Volume is still under the average volume of Wave A or 1, average volume should surpass 5.56 million for us to mark this entire wave as 3 confidently till then we are sticking with our count of wave C
Average Volume:
Wave A or 1 = 5.56 million
Wave C or 3 = 3.16 million
Note
Update:Prices will reach our buy zone area today or tomorrow therefore make sure to place your orders early. Alternately if the bulls jump in then prices won't reach our target area and will start to rise from here, which is highly unlikely.
Note
Update:Most probably prices will reach our buy zone today, placing my buy order early in the day. Let see if our trade get active today.
Note
Good morning everyone :)Prices are consolidating nicely, most probably prices will reach our buy zone today or tomorrow. However prices might touch 702 - 706 level first before retracing to the buy zone.
Alternately prices might never reach our buy zone and will start to rise above, We will only trade if prices reach our buy zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.