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NSE HINDOILEXP: Bull Trap or A Systematic Rally

Free nse hindoilexp chart calls

Free nse hindoilexp chart calls

Timeframe: Daily

NSE HINDOILEXP had been forming double three corrections for more than eight months. Wave 5 has ceased to exist at 245.70.

Wave Y has traveled 100% Fibonacci extension of wave W. Therefore, Wave W = Wave Y. In this cycle, wave W is a basic flat, and wave y is a zigzag correction. Wave Y has crossed the low of corrective sub-wave 4 of a lower degree. The bulls couldn’t face the supply pressure. They ended up losing their momentum.

In this situation, traders should not be hasty to trade, but wait for the ideal entry. If the price sustains above 100% Fibonacci ratio at 135, traders can buy for the following targets: 142 – 163 – 176+.

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