Hi,

I am posting my first post in options section. I m sharing my views and any one correct me if i m wrong. I am a elliotian so I will be using Elliot wave terms at some places so bear with me.

OPTION STRATEGY TO IMPLEMENT: ANY BEARISH STRATEGY CAN BE APPLIED



FOR EXAMPLE:



BEAR PUT STRATEGY AT CURRENT:



BUY 2900 PE AT 90 ( BUT STILL WAIT FOR THE CONFIRMATION OF WAVE 4 END I EXPECT W4 TO END NEAR 2947-2960 WHERE THIS VALUES WILL BE BIT REDUCED SAY AROUND 80-85)

SELL 2700 PE AT 35


First why i choose Britannia ?



Any change which is 300% above is unusal right? for a stock which is assuming bullish momentum. PCR shouldnt be so high. if its bullish.

then i pulled the chart of britannia and saw



it was plain simple with a high made and retraced and ready for a another upmove.

but, i thought of checking the trend reversal signals and all fibo EMA was still bearish on hourly and daily chart.

then Elliot wave 5 of wave C was still pending.

so i tried plotting the waves and check for my analysis to hold.

this is my view on the stock in elliot point of view



so i found EW 5 is starting and i could still drag the britannia down before the uptrend resumes.

so here is the expected



so what one can expect from britannia?

it can make 3 wave W4 retracement to 2947-2960 zone and get ready to breach the 2800 zone again. as since W3 is big enough by the low of equality one should expect the W5 to travel for around 180pts down from where W4 stops or atleast 110 pts. so tgt is decided by the end of wave 4 and the SL is kept at 3010.

EXPERTS KINDLY CORRECT ME IF I HAVE MADE ANY MISTAKE. THANKS IN ADVANCE. KINDLY DO YOUR OWN ANALYSIS BEFORE TAKING THIS TRADE.

WITH REGARDS,
SHANKAR/CHENNAI.