Indigo, ConsolidationResistance Breakout supported by 200 DMA, price surges in a vertical line and now bulls are resting (consolidating in a narrow range). 1454 is a strong support. Believe me, it is a great trade in the making if all goes well. This consolidation may be also due to high crude price.
INDIGO trade ideas
INDIGO ShortThis is my first post in tradingview. I am new to trading of any kind.I have been trying to find my way using EWT.
I think the stock is in ABC (Corrective) mode at present. I am unable to figure out if its still in A or it has entered B. I can see divergence in MACD (a. top of wave 3 and wave 5 b. top of wave 5 and current stock position)
I solicit a few things from this awesome forum:
1. Is my wave count (1-5) correct?
2. If yes, Should one enter into a position to ride wave C?
3. If yes, what would be the strategy for that?
4. Also, I see the stock travelling within a band as shown. Does it have any significance?
Thanks