Is Pidilite doing irregular correction?

28 May 2017

Looking at weekly chart look like a clear 5 wave upmove and then corrective A and B complete .. since wave A was 5 wave and wave B( running flat ) looks like 3 wave.. i have a hypothesis that Pidilite is not in a new impulse rather it is still in corrective and may do atleast 600 or below..

Below is the weekly chart

invst.ly/409gn


Now, coming to the hourly chart, the first wave of Wave C i.e. C.1 ( if it really is wave C) is a clear 5 wave structure and the Wave C.2. just retraced more than 80% of this down move.


invst.ly/409h5

Looking at trendlines .. it did stop right at the channel bottom which it broke.

so here is a trade that i am planning to take on Monday ..Short between 765-770 ( spot ) with a SL of 781 ( july futures mostly ) for a target below 600 .. this is a positional trade and not a short term trade.. the Risk-reward is awesome ..


I am new to EW and i am still learning so this could feel like ambitious , so please provide your view..

1 Haz 2017

Not

its doing some sort of corrective still.. any tick above last high can negate this count.. hold on.. SL final 782..

2 Haz 2017

Not

SL hit.. trade closed.. loss of 10 points ..