My short term outlook for PC Jewellers
Updated
As I see it , PC Jewellers might be doing a X wave after completing Y on 26th oct '18 . Although we can't ignore the possibility that it could be start of a disguised impulse after the completion of a larger WXY from ATH , its still a less possible outcome as the wave structure of this rally suggests otherwise. Volume looks better but it has started giving divergence , So i'm expecting a small dip before another small continuation up. My potential targets for both the moves are indicated by the horizontal blue lines. It would be interesting to how the market behave once it goes for the completion of C wave of this potential larger X before going down for a potential Z down. This move could be a bottom event. COULD BE.
Would like to see a break above INR 140-145 to establish a strong case for an impulsive move. Moreover, it would be then crucial to watch the bounce after a 4 but.. bleh! Not liking the looks of it to call it an impulse. So I'm going for a large WXYXZ from ATH as my primary.
This is not an investment advice. make your own plays and never trade on other people's opinions.
Thank you
Would like to see a break above INR 140-145 to establish a strong case for an impulsive move. Moreover, it would be then crucial to watch the bounce after a 4 but.. bleh! Not liking the looks of it to call it an impulse. So I'm going for a large WXYXZ from ATH as my primary.
This is not an investment advice. make your own plays and never trade on other people's opinions.
Thank you
Note
Small divergence on the 1 hr. Already had a reaction.
Will be watching to see if it prints the same on the longer frames.
Note
Two possible scenarios for this potential wave 2. Any other wave structure would mean that this count needs to be corrected .
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