Update 5-EUR/INR

I have entered long on 08/10/2021 10:02 in contrary to the idea "Update 4-EUR/INR". Here I shall explain the reason for entering the trade and what is expected next.

Firstly the reason for taking long trade in contrary to the idea "Update 4-EUR/INR" is explained below:
Black bold box indicates the price band and period equivalent to wave C of wave Z and the bold red box indicates the price band and period equivalent to the whole wave Z.
Reversal wave would have failed to retrace the price band of wave C of wave Z within the period equivalent to wave C of Z but it had ensured to retrace the price band of whole wave Z within the period equivalent to wave Z hence I entered long.

And What's next:
This daily chart shows that the current wave is corrective to the downtrend but should relook on labelling these waves.
This hourly chart shows the internal waves in the above stated corrective wave in daily chart. Wave A and B are over and this is wave C. Waves A, B and C are indicated in bold boxes. Wave C is expected to travel the distance equivalent to wave A up to 87.1374 or it retraces the whole of wave B upto 87.3698. These are the predictions for now.

Internals of Wave C:
Wave 1 and 2 are over. Wave 3 is slower than wave 1 so the probability for wave 3 to hit 87.2909 (price band equivalent to wave 1) is low. Completion of wave 3 can be identified based on corrective price action in future. But for now wait and see for the behavior of price action at following levels:
87.1374
87.3698

For those who have entered long, the current stop loss shall be below the wave 2 @ 86.3128

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 :)