Chola Finance SHORT, Rounding Top

24 Eyl 2022

The Short Setup is as follows:

Elliot Wave Standing Point:
Rise from Covid Lows can be marked as a Diagonal in the form of ABCDE and Wave E just completed in September

For the Short Term as per Daily Time Frame, we can see the following Observations:
1) RSI gone below 40 ✅
2) ADX at 24 rising, DMI in Sell Mode ✅
3) Super Trend (10,3) gone in Sell Mode ✅
4) MACD in Sell Mode ✅

5) And Most Importantly there is a Classic ROUNDING TOP Pattern Breakdown ! where the Base has Low Volumes and the Breakdown is on High Volumes

Downside Target open to:
705 - 700 (as per Rounding Top Pattern)

Stop Loss:
Can be kept > 760

Since on Weekly Time Frame, it is a Diagonal as per EW Count, the Downside can exceed even further. So DO NOT Bottom fish
The Target of 705 - 700 is bare minimum expected (conservative case)

15 Eki 2022

İşlem kapandı: hedefe ulaştı