Changed my counts, but was on top of the fall- from 1.3160's - yes, I expected 1.3114 should hold- not holding suggests that we had completed 1st leg at firstname.lastname@example.org & retraced by 61.8% so I shall be looking for an advance till 1.3048 is intact
Crucial Support- 1.3048
Move get firm footing above 1.3177-1.3180 zone
Recent Low@1.3086 has retraced 61.8% of the wave from 1.3048 to 1.3194
Guys there is trendline which is running connecting bottoms of 1.3048- 1.3057 - & 1.3086 - which could turn out to be a magical one- Once UCAD starts moving above 1.3177 -it will be confirmed that it wants to move up. Currently trendline should work- Keep a watch. Its early 3wave advance as well.
161.8% of the 1st Wave comes to 1.3324 approx that should be likely target.
Critical support -1.3048
Key resistance 1.3177
We are in good position & entered longs at bottom zone 1.3086-1.3095 -We are in the money & nothing to lose even if goes down-
If crosses 1.3177 -it confirms the upside move
Prior Rally was impulsive from 1.3048 to 1.3194 which has been retraced 61.8% - came to email@example.com.. Once it crosses 1.3177 -shall confirm upside
Failure could happen if the trendline gets broken & critical support@1. 3048 also gets broken
Otherwise, we shall travel 161.8% of the 1st wave which comes in the zone 1.3325 as target zone.
Rising Trendline Broken That does not mean - we should turn bearish likely we shall look for support above 1.3048 handle & keep in mind -If it is a larger downside which has started -then it should take out 1.3000 level- which is critical level.
Going Above 1.3151 - will be looked as possible longs for upside targets.
2nd Wave looks to put a firstname.lastname@example.org - Moving Above 1.3135 -Now we shall look for higher prices, since retrace very deep -I shall be looking sizeable move upside.
Wave starting at 1.3068 itself has divided into 5 waves, internally, which could move to 1.3156 where the 5th bracket wave shall complete 61.8% of 1-3 wave distance- once getting resistance -it will fall to prior swing low which is 1.3116 -that could be buying opportunity once we see support in that zone.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ