New high again and what a way to get it.
Was able to understand it as soon as I noticed the Flag pattern developing:
see link: Intraday Updates on FB group
Now the question is:
.PNG)
Acopy-book definition of Flag pattern says that on break-out the move shall be as long as the flag-pole,which in current scenario is 200 points.
But as common sense question asks-- is another 200 points upmove possible in a rally that has already done 5477-6200*=723 points??
Why bother much?? This Flag has ensured that we have a price-zone that protects our position in the future action--- by keeping a stop-loss at today's low(6146) we can allow our longs to run( to may be new all time highs) and if it gets hit on Monday then go short immediately with stop-loss at 6200 and target of 50% retracement of 5477-6200=723 i.e. 5838.
A bird's eye-view also says that things are as they were yesterday testing the upper trendline but not quite breaking it--- only fresh born is this Flag-zone.
Was able to understand it as soon as I noticed the Flag pattern developing:
see link: Intraday Updates on FB group
Now the question is:
.PNG)
But as common sense question asks-- is another 200 points upmove possible in a rally that has already done 5477-6200*=723 points??
Why bother much?? This Flag has ensured that we have a price-zone that protects our position in the future action--- by keeping a stop-loss at today's low(6146) we can allow our longs to run( to may be new all time highs) and if it gets hit on Monday then go short immediately with stop-loss at 6200 and target of 50% retracement of 5477-6200=723 i.e. 5838.
A bird's eye-view also says that things are as they were yesterday testing the upper trendline but not quite breaking it--- only fresh born is this Flag-zone.
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