GMR is giving impulsive indications out of the blue. My count has it doing an ABC on the longer time frames , currently on the C down to complete a larger 2 of an impulse of next larger degree. I have my bids spread in INR 13-15 region. Although , it can all turn out to be a false hope and the market can continue downwards if there not enough buy pressure to print a reversal for a larger 3 . i'll be aiming for the 2.618 fib extension for this 3 . This larger 2 can go all the way down to 99.9% of the fib retracement technically.
Moreover , the H&S on the long time frames has a nice volume confirmation and sets up a good context for the reversal after the breakdown and fulfilling its initial targets.
To invalidate this count , price will have to break the INR 9.7-9.8 region and that would mean an extended correction .
Thank you.
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It bounced right off the H&S neckline and looks like setting up for last leg down.
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Here's what i'm watching.
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looks like its setting to get rejected from the middle line of the wedge i posted above last.
Bearish Divergence appearing with volume and RSI too on shorter time frames. Would be interesting to see if it goes on to print the same on longer ones and if so, those three lines in that descending wedge are crucial to watch .