(( )) - means bracket wave
There is a slight modification in my count where I shifted my wave-((i)) top at 105.53 as compared to 104.63. In that case, 161.8% of wave-((i)) distance comes in close proximity of 109.70-109.95.
Current High of 109.75 has hit the required distance for wave-(( iii ))- in that case we are likely to start the corrective sequence for wave-((iv)) which will be in the form of ABC & will retrace 38.2% minimum distance of wave-((ii)) - wave-(( iii )) distance which comes in the zone 106.50-106.60
If UJ comes close to 109.50-109.55 then keeping a strict stops above 109.80 one can look for corrective sequence.
UJ went exactly to the desired zone of 109.50-109.55 -slightly surpassed & made a firstname.lastname@example.org protecting our email@example.com
We are in the driver's seat & feeling excited - from here 108.35-108.45 is the zone where likely UJ holds, then we can expect a bounce, which should not go above 109.06-109.10- then it falls again which will complete A-wave -it's too premature to say anything at this moment.
If UJ fails to even give target zone of 108.35-108.45 & keeps moving sideways then it could form a triangle which will finally thrust upside.
It could give us a target of 108.35-108.45 & bounces back - when it bounces back -if it goes above 109.05-109.10 then it will form- likely it will go close to highs of 109.75 or slightly higher & then fall again to new lows of 106.50-106.60
So let us wait & watch - How UJ moves next
Moving to Indian Version
Scenario-3 mentioned looks like unfolding-- UJ dropped close to target zone of 108.35-108.45 - made recent firstname.lastname@example.org & bounced
UJ is trading in the channel as shown below- needs to cross on the upside so that it can go close to 109.70-109.75 zone, giving us a B - wave (which is premature at the moment)
Going Below 108.75 -UJ can continue downside
Key Support Zone-108.75-108.80
We are likely looking for a corrective sequence "abc" within 4th wave downside.
Going below 108.75-108.80 only - UJ will move down in c-wave else, yet to finish b-wave can go close to 109.75 previous high. So, it could head to 109.60-109.65 zone & likely than start downside, but be careful, it should not sustain & move above 109.75 for long as it could start moving upside beyond 110 to new highs.
"Avoid Trading longs"
Trading b-wave is very tough, so likely avoid taking any long positions & going below 108.80 - it will start downside or upside resistance is 109.75 for bears
Scenario Played out as mentioned overnight @21:55 Hrs 16th Nov2016
Likely if UJ starts falling back below 109.35-109.45 zone sustains below sooner or later will start down move which will be pending c-wave
This running move can extend close to 109.60-109.75 highs
Warning - If UJ goes above 109.80 & sustains then likely it will extend upside else staying below 109.60-109.75 zone - we will expect a down move.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
I am Indian working in Japan but here due to Japanese language its difficult find more info..