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Hi there,
You’re right that your chart formed H&S & confirm the
same, but, please note that the pattern is up sloping
which reduses its bearish sentiment a little bit &
please take a look at volume while the pullback was in
progress which was relatively high though not much. I
mean to say is just leave 10% bearish sentiment
behind.
Now, your measurement of target is true, but here also
I would like to share my views.You can further fine
tune your target by using “FIBONACCI EXTENDED
RETRACEMENT”. Formula is given below:-
I assume that that ‘RS’ is 27900/- and immediate LOW
before ‘RS’ is 21200/-
HIGH=RS=27900.
LOW = 21200.
Target= high-((high-low)*1.618)
= 27900-((27900-21200)*1.618)
=27900-(6700*1.618)
=27900-10840.6
Min. Target = 17059.40.
And if Its goes below this, though you will be amazed
to see how price will heisted at this level, than you
can get another target by replacing 1.618 to 2.618.
Please check it out on historical data. After all it’s
your money & you have rights to enjoy as you like.
Finally, you did the right thing shorting but the
matter is timing. I have sold this security at the
time when it traded below the minor LOW made at the
time of PULLBACK which is around 21600. Anyway I hope
you’ll see a fall but your stop must be given a bit
more room.
As me too a new, this group helped me so much and
touched me that “ KNOWLDE IS TO SHARE WITH OTHERS ,
and this letter is to prove that I’m not a bad
student.
Thank You
KAILASH K PAREEK ( JOHNNY ) – INDIA.
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