Update 6-EUR/INR
Targets predicted in idea titled "Update 5-EUR/INR" (linked as related ideas) are achieved.
Wave C in 1H chart is over which completes a flat correction in 1D chart.
1H chart showing internals of Wave C and its 5 wave completion
1D chart showing the recent flat correction
And what's next-
1H chart below shows that the momentum of "recent wave" to the downside is low and it has consumed 36 hours which is more than the time taken by wave 5 and yet the "recent wave" had not retrace below wave 5.
Arguments:
As the corrective flat pattern had ended which was validated by "recent wave" retracing wave 5 by more than 78%, there are 2 things which could happen.
1. A correction to Flat corrective wave in 1D chart
2. A motive down wave
Argument 1: Correction to Flat correction wave in 1D chart
If the price does not drop below 86.0503 on or before 27/10/2021, then it confirms that the price action is corrective to the adjacent flat and the correction could end around 27/11/2021.
Trade opportunities:
Short upon break below 86.8936
Target range : 86.5983 to 86.3173
Stop loss: above the recent high which is to be confirmed upon price breaking below 86.8936
Argument 2: A motive down wave in 1D chart
If the price does drop below 86.0503 on or before 27/10/2021, then it confirms that the price action is motive to the adjacent flat wave as it retraces the price range of the flat within the period of wave C in flat. The Motive wave could end around 27/11/2021 as shown in blue path
Trade opportunities:
Short upon break below 86.8936
Target range : 86.5983 to 86.3173 and 85.2575 (85.2575 is target only when he price does drop below 86.0503 on or before 27/10/2021)
Stop loss: above the recent high which is to be confirmed upon price breaking below 86.8936
Keep watching this space for further updates on trading and managing the trade.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
Wave C in 1H chart is over which completes a flat correction in 1D chart.
1H chart showing internals of Wave C and its 5 wave completion
1D chart showing the recent flat correction
And what's next-
1H chart below shows that the momentum of "recent wave" to the downside is low and it has consumed 36 hours which is more than the time taken by wave 5 and yet the "recent wave" had not retrace below wave 5.
Arguments:
As the corrective flat pattern had ended which was validated by "recent wave" retracing wave 5 by more than 78%, there are 2 things which could happen.
1. A correction to Flat corrective wave in 1D chart
2. A motive down wave
Argument 1: Correction to Flat correction wave in 1D chart
If the price does not drop below 86.0503 on or before 27/10/2021, then it confirms that the price action is corrective to the adjacent flat and the correction could end around 27/11/2021.
Trade opportunities:
Short upon break below 86.8936
Target range : 86.5983 to 86.3173
Stop loss: above the recent high which is to be confirmed upon price breaking below 86.8936
Argument 2: A motive down wave in 1D chart
If the price does drop below 86.0503 on or before 27/10/2021, then it confirms that the price action is motive to the adjacent flat wave as it retraces the price range of the flat within the period of wave C in flat. The Motive wave could end around 27/11/2021 as shown in blue path
Trade opportunities:
Short upon break below 86.8936
Target range : 86.5983 to 86.3173 and 85.2575 (85.2575 is target only when he price does drop below 86.0503 on or before 27/10/2021)
Stop loss: above the recent high which is to be confirmed upon price breaking below 86.8936
Keep watching this space for further updates on trading and managing the trade.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
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