ISL - Hourly Analysis - 20-05-2024

Primary Structure: Bullish Impulsive

Primary Trend: Bullish

Current Wave Structure: Potential Bullish Impulsive.

Expectations:  The rise from the low of blue wave "ii:  now can be counted in five waves that successfully approached the ideal Fibonacci extension level. The ideal support for this pullback in blue wave "iv" is 38.2% Fibonacci retracement level which comes with around the upper line of the base channel.
The price printed a new high after completing a complex corrective structure in blue wave "iv". However, there is further room for an upside move. The ideal extension level for wave "v" is yet to be met.

NOTE: Our targets are met. Made a total of Rs.61 in two trades.

Recommendation: 7: Targets met.
6: Add more longs from 65 for a target of 85.
5: Wait for the pullback to ride again
4: Take the profit from the current level i.e. 70Rs. OR Move stops to 52.
3: Move the stops to 41.
2: Hold the longs.
1: Long positions may be considered around 46 to 44 with stops below 37. Keep the targets open for now.

---

Previously :

Previously :

Previously :

Previously :

Previously :

Previously :

---