Once it starts moving above 110.90 likely it will cross 111.36 -previous high in slanting upwards, which will give the 3rd leg of the or E.D. Then 4th leg downside should not go below 110.26 & take a final turn upside filling the criteria of giving us .
This will be exciting to see as reaction post its formation shall be a sharp downside, but this is premature & one should keep an eye as one of the formation & lot of trading opportunities in between.
Exciting Trade (Premature)
Most exciting trade will be post its completion -once done likely giving us strong downside move but in the current scenario, we will wait for internal wave-iii then wave-iv down not taking out 110.26- wave -ii bottom & later wave-v -- finally the most exciting wave- sharp down.
The recent jump was internal leg upside in wave-iii of E.D. Holding 110.26- wave -ii bottom it could go above 111.36 to complete wave-iii & then turn downside for wav-iv in down -up-down fashion, but should not break 110.26 -wave-2 low for having final wave-v in upside direction
From lows of 110.55 above 110.26 it pushed upside & trading at 110.95 going above 111.36 will complete internal wave-iii
This internal wave which started from 110.55 could end in the zone 111.40-111.50 zone- that will fulfill our wave-iii objective
Post that I shall be looking for wave-iv
Good Morning, All,
Internal Wave -iii is still incomplete & looks to have b-wave triangle & waiting for c-wave. c-wave could measure 78.6% of a-wave= 111.65 & 100% of a-wave = 111.85 before it could turn for wave-iv
Looking upside, above 111.30 for 111.65-111.85 zone before it turns back in yet to complete wave-iii
110.80 should act as support in what I see a triangle in a ((B)) - wave of internal wave-iii of Ending Diagonal. If 110.80 holds support then thrust could be expected upside
Target done -100+ pips from 110.80 to 111.82
Let us book profits in internal wave-iii
Taking an alternate count in consideration
(( ))- means circled wave
Likely E.D. turned into bigger impulsive as wave -iii of E.D cannot be straight like trump tower (booked 100+ pips above) –going forward UJ can extend to 112.95-113 as wave-((iii)) travels 161.8% of wave-((i ))- alternate count
Now wave-((iii)) itself is divided into its 5 waves- i-ii-iii-iv-v out of which we are done with wave –iii of wave-((iii)) at 112.47
So, we can see a pullback to the zone 111.60-111.75 as wave-iv & then push upside to 112.95 to complete wave-((iii))
Once recent firstname.lastname@example.org is broken with strict stops above 112.48 –we can expect the pullback to 111.60-111.75
One can expect a pullback to the zones 111.60-111.75 with strict stops above recent email@example.com..
Short Trade not executed as 112.24 was not taken out.
Thanks for your support
Can it be better than this 112.95 - turns exactly from 112.95
There is a sell setup below 112.35 likely taking UJ to 111.60-111.70 zone.
Once it goes to 111.60-111.70 - it should remain above 111.36-111.30 zone which is not confirmed yet. In that case -UJ could be expected to move up.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ