MARI PROBABLY IN WAVE 'C' or '3' - LONG

MARI is most probably in wave C or 3 which will be clarified will volume, as 3rd waves have the highest volume in general. We already have an active trade in this which I missed out to publish earlier but I'm doing my best to post it now.

If either wave C or 3 count is correct then we are heading up but as I've taught we should always have an alternate wave count and in this case the best alternate count is a wave B correction.

Wave B corrections can take any corrective pattern shapes therefore are very hard to pin point its wave count until it is completed, however the direction is still same but targets will get squeezed if its a B wave. Also the volume will not be as much of an impulse wave.

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

Entry Price: 585

Stop Loss: 534

Targets:
T1 : 599 - 608 range
T2 : 625 - 630 range
T3 : 649 - 660 range

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We will buy more positions on the dip, especially if the market retrace back to the yellow trendline.

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We have bought 2000 share at 585

T1: 599 - 608 range reached

25% positions closed

Profit per share: PKR 14
No of shares sold: 500 (25%)
Gross profit: PKR 7000/-

No. of shares in hand 1500

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As the volume is supporting the count, we will buy more shares if price retrace back to yellow trendline

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Stop loss moved up to: 559.60

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Price has reached 1.618% of wave 1 of the red impulse wave, also volume support our wave count. 3rd waves are usually 1.618% of wave 1 but they can be 2.618 or 3.618 of wave 1 also, if they get extended. Still looking to buy more at price retracements.

Since we are now more confident that its a wave 3, we are moving are stop loss further up.

Stop loss moved up to: 574.50

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Good morning, hope everyone had a good weekend :)

Most probably will reach our T2 (2nd target) today

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T2 : 625 - 630 range reached

50% positions closed

Profit per share: PKR 40
No of shares sold: 1000 (50%)
Gross profit: PKR 40000/-

No. of shares in hand 500

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We will buy more on retracement of the 4th red wave.

For the time being we are keeping an eye on our POL - Pakistan Oil Fields trade setup. Most probably will get a buy signal today or tomorrow in POL.

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Update:

As the 2nd red wave was of 14 bars on hourly chart, most probably wave 4 will take around 14 to 23 bars which means if the 3rd red wave completes today then 4th wave retracement will end on Friday or by next Tuesday.

Remember wave count doesn't work on date & time as perfectly as they do on price movement, its just a guideline.

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Update:

3rd wave has reached 2.618% of wave 1, will it take out our T3 : 649 - 660 range today :)

If it does that will be a good news for bulls as it will give confidence to 3rd wave at a higher degree, prices need to go above 677 level with increasing volume to increase 3rd wave chances till then we are sticking with our C wave count as volume suggest.

As I always say, keep an eye on the volume.

Trade closed: target reached

T3 : 649 - 660 range reached

25% positions closed

Profit per share: PKR 64
No of shares sold: 500 (25%)
Gross profit: PKR 32000/-

All positions closed, overall gross profit: PKR 79000/-
6.75% gain on the investment in 2 days :)

We are keeping a follow-up on this wave and will buy new positions at wave 4, will update a new chart once we enter new buy positions or get near our buy position. Also will post profits or gains in percentage going forward.

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Update:

Most probably in wave 4 of wave 5, prices will reach 677 level and move back up to 706.60 levels. Aggressive traders can take a small nib again if they like too.

KayJay

Disclaimer

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KayJay