Apologies, friends!!! It was pretty premature to conclude in Update 6-EUR/INR (refer the linked idea) that Wave C in 1H chart was over and hence the flat correction in 1D chart was complete. However the trading plan had prevented us from taking short entry as the price action didn't break below 86.8936 yet.
Now I believe that the wave C in 1H chart is over with an ending diagonal as shown below.
Upon completion of ending diagonal, the price had a steep fall which is marked in the rectangle labelled 'Reversal?".
Remaining concepts stand as explained in Update 6-EUR/INR.
Trade opportunities if the current wave is correction to Wave C:
Short upon break below 86.8936 if break down is within 22 Oct 2021 11:30 (IST)
Target range : 86.5983 to 86.3173
Stop loss: above the recent high which is to be confirmed upon price breaking below 86.8936
Trade opportunities if current wave is motive to adjacent flat wave in 1D chart:
Short upon break below 86.8936 if break down is within 22 Oct 2021 11:30 (IST)
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 08/11/2021)
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 :)
Now I believe that the wave C in 1H chart is over with an ending diagonal as shown below.
Remaining concepts stand as explained in Update 6-EUR/INR.
Trade opportunities if the current wave is correction to Wave C:
Short upon break below 86.8936 if break down is within 22 Oct 2021 11:30 (IST)
Target range : 86.5983 to 86.3173
Stop loss: above the recent high which is to be confirmed upon price breaking below 86.8936
Trade opportunities if current wave is motive to adjacent flat wave in 1D chart:
Short upon break below 86.8936 if break down is within 22 Oct 2021 11:30 (IST)
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 08/11/2021)
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 :)
