Where are we standing currently-
a-b-c for W is complete & currently X-wave triangle is going on which is incomplete & could be a challenge for traders because price will swing in narrow range before it breaks out from upper boundary for another leg upside as Y-wave
Ruin Point -
Structure becomes invalid if prices go below 108.56
Who ever missed the bounce can join the rally in this triangle with strict stoploss-108.56 for targets 110.30--110.75.
Triangle could test your patience -One should try to buy in the range 108.63--108.67 as close to 108.56 so we lose less if stoploss gets hit.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ