Although, there are counts out there doing a big WXY , I'll be taking this large movement down on the weekly frame impulsive down and I have my reasons for that. The down move was nice and fast and this bounce has a volume confirmation pointing towards a down move.I don't disagree to the fact that this looks equally reasonable with WXY as primary but I don't buy it . Bearish divergence with RSI on weekly gives the potential down move a nice confirmation to it.
My targets for this trend are indicated by horizontal support/resistance lines below. Elonagated 1 wave means a shorter 3rd and even a shorter 5th, IMO. would be looking for a 0.618 retracement for a larger 2 up.
Remember, this is not a financial advice . So trade on your own opinions.
Thank you.
My targets for this trend are indicated by horizontal support/resistance lines below. Elonagated 1 wave means a shorter 3rd and even a shorter 5th, IMO. would be looking for a 0.618 retracement for a larger 2 up.
Remember, this is not a financial advice . So trade on your own opinions.
Thank you.
Comment:
Another possible pattern for the C of this larger 2 up . Ascending broadening wedge with initial target around INR 60-65 level
Another possible pattern for the C of this larger 2 up . Ascending broadening wedge with initial target around INR 60-65 level
My downside long term targets for this count.
Both WXY and 12345 counts are valid till it breaks INR 184-186 range. The count will have to be corrected if it goes for a deeper X up, which I doubt as there's plenty of divergences but who knows.. can even go up on low volume so it becomes crucial to watch this 3rd wave down which is already looking slightly bearish atm.