Likely a short term top is in place@113.89- I am keenly watching for that lucrative sell setup where UJ looks to move initially to 111.15-111.35 zone where it could find next support or profit booking going below 112 or shall be looking to sell on a bounce in the 112.40-112.50 zone which is 61.8% pullback of the current fall from 113.20 to 111.35
Strict Stops@ 113.35
Short Term Divergence at top@113.89
Previous Analysis- Got in the bulls shoes at 110.85
Suggested that we will look for selling in 112.40-112.50 zone - UJ has stretched a little bit upside so taking sell is risky & if it starts moving above 113.30 swing high -it will try to go close to previous high@113.89 or even higher.
So avoid any sell in current scenario & we shall wait- keeping in mind that the bulls are still active
113.35 -Strict Stoploss should work wonders - UJ just went close by to 113.13-just now only 17-20 pips away- likely falls if goes below 112.79 & sustains or falls below the rising blue trendline.
The magic of 113.35 - UJ takes U-turn with just 1 pip remaining on the top - downside just bounced from 112.79- magical levels likely some bounce & fall below 112.79 will continue the fall for UJ
Comments
gulz
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Abhishek Sir, do u mean trade is active only if UJ goes down below 112.79 ?
WaveTalks
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@gulz, Yes- that is small setup in between but likely UJ should dip going below 111.30 lows