Idea might be good to go for a small bounce before continuing the downtrend which looks like an WXY on the larger time frames(W,M). The Ascending broadening wedge on the medium time frames which could also be an ABCDE correction in 4rth up of C of Y , broke down nicely. IMO,We're doing 2 of 5 of C of Y down. After that I expect a break out of that descending broadening wedge in C of Y , we've been making since June'18. My initial targets after that potential break are INR 48-67 . I'll start laddering out in this range. But before that , We could go down to complete 5th of C of Y down which might take us to INR 22-25 region , aligns perfectly with the Fib extensions, aiming for weak wave extension for this 5th of C of Y down. RSI is also giving a hidden bearish divergence which confirms this down move for a potential 5(look at the chart below) . Would be an awesome place to ladder in.
A break above E of ABCDE would invalidate this count.
There's another possible chart pattern in the C of Y down i.e descending wedge taking C wave as a complete wegde. The targets would then be be different (INR 70-120) but that would take some serious buy pressure and even some patience.
This is not an investment advice and just my opinion of whats going on. DYOR, Make your own decisions, trade carefully .
Thank you.
A break above E of ABCDE would invalidate this count.
There's another possible chart pattern in the C of Y down i.e descending wedge taking C wave as a complete wegde. The targets would then be be different (INR 70-120) but that would take some serious buy pressure and even some patience.
This is not an investment advice and just my opinion of whats going on. DYOR, Make your own decisions, trade carefully .
Thank you.
No sign of exhaustion on any time frame yet .
Would love to see the price action inching towards that green line to see a complete throwback test of that support turned into resistance.