GBPINR didn't bounceback and instead breached the support level to drop further. It is fast approaching another Critical Support level of 93.
I expect it to continue falling back till that level before we see a change in direction.
In my previous update on GBPINR, I informed that it was at a critical level and may decide the next big movement.
It reached the bottom of the support area and we see a strong bullish candle coming up. This could mean it's time for it to move back towards higher levels again.
For those requiring a confirmation, may wait for a green candle again before going long.
GBPINR has been moving within a range since last many days.
Personally, I would plan to open a position when it breaks either of the edge of this channel. Additionally, it looks like there are more chance of it moving towards downside seeing the EMA-20 line.
In subwave 1 of 5 th wave ,
subwave 1 was a leading diagonal,
subwave 3 reached 100 % distance of subwave 1,
subwave 2 was a simple correction , followed by subwave 4 being a complex sideways correction which was also deep than wave 2 showing alternation,
subwave 3 was normal wave meaning being less than 161.8% of wave 1,hence subwave 5 was extended,
subwave 5 of...
wave 4 was a flat correction respecting elliot's theory of alternation as wave 2previously was a simple zigzag,
wave b ended after retracing between 78.6 to 100 % of wave a,
wave c ended very near the wave a low.
wave 4 retraced to 38.2% of wave 3's length from bottom of wave 3!
GBPINR seems to have finished the corrective structure now and is on its way down. There is a possibility that the pair will consolidate towards the upside before the continuation of the down move. Waiting for a consolidation now...
GBPINR is in a complex corrective structure. The sub waves have been color coded for ease of spotting them. The next move could be a down move to finish the C wave of the current structure in making. On the 1 hour time frame, I guess there's one move down. AS the structure develops, we get a clearer picture.