We buy for the following reasons:-
1/- Hsif made its top 24946 last Nov. dropping to 16716 this morning losing 8230 pts, exactly 33% of its points. 33% is one of the most important retracement level.
2/- Hsif made a ABC correction.
A lasts 34 wks and C lasts 13 weeks closing to Fib. No. of weeks.
3/- Today's low touches an important weekly trendline. We believe that a sizable rebound is expected.
4/- For target wave count, please see attached hourly chart. Different calculations obtain same result 167xx.
5/- We use 16520 as a stop because we include the possibility of 24946 as an irregular B top of the last wave. 18922 was A, 24946 was B and C assumes 1.382 of B =(24946-18922)x1.382-24946=16220. therefore we put 100 pts lower of 16620 as a stop.
6/-
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