As expected on 16/09/2021, wave X (in blue box) was formed and failed to have upward momentum.
Wave X was followed by a zigzag the downside (now labelled Y in red). Wave which was labelled as Y on 16/09/2021 had resolved it self as wave W. This WXY wave formation together formed a double zigzag and finally forming the major wave Y. Refer the idea Update 1-EUR/INR dated 16/09/2021 for comparing this wave with then analysis.
Now the price action is forming a major wave X with low momentum to the upside. It is a correction wave to the major wave Y because in this period inside the box labelled as "Recent wave X" the momentum to the downside is slower than the upward momentum and the upward momentum is slower than the Y wave in box labelled as "Wave Y (7 wave move forming WXY)".
Expectation from the "Recent Wave X" and further price movement is projected in screen.
I am yet awaiting for a high momentum to the upside to trade wave C of major trend. Hence I shall be watching the market.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
Now the price action is forming a major wave X with low momentum to the upside. It is a correction wave to the major wave Y because in this period inside the box labelled as "Recent wave X" the momentum to the downside is slower than the upward momentum and the upward momentum is slower than the Y wave in box labelled as "Wave Y (7 wave move forming WXY)".
Expectation from the "Recent Wave X" and further price movement is projected in screen.
I am yet awaiting for a high momentum to the upside to trade wave C of major trend. Hence I shall be watching the market.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
