As per earlier update- I was looking for a correction from 104.15 to 102.75- Got the Big Move Down 102.80's & Exited -Now 5th wave has already started for red counts -looking for 104.40-104.50 where red wave 5 shall achieve equality distance with red wave-1.
Black 3rd wave will get completed in the zone 104.40-104.50 where it will 461.8% of black wave-1 so there is a confluence likely that will be the target
If you missed the uptrend which was indicated in the last few updates -no issues one enter the longs once it gets retraced or going above 104 for target zone 104.40-104.50
The rally, which started from the zone 102.70-102.75 Near by 102.81- looks impulsive, so either you wait for following zones like 103.25-103.30 or 103.05-103.10 as zones where next demand could come. Also confirm at your end before executing any trades.
Or going above 104 -we are looking for 104.40-104.50 zone as target zone mentioned above in the main update.
UJ is turning from 103.50-103.60 base so that is a good support & likely heading for target zone 104.40-104.50 as discussed in the idea.
Correction is still unfolding in wave -4 so I am still looking for a rally to the zone 104.40-104.50 area. This 4th wave could take shape of a-b-c out of which 102.81- recent lows was a-wave within red 4th wave -b-wave completed at 104 highs from where it started falling in c-wave.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ