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.
GBPINR over all up trend as per Picture
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!
WAVE 3 REACHED fib extension of 138.2% OF WAVE 1 AS SHOWN ON Daily chart wave 4 retraced 38.2% of wave 3.
WAVE 2 ZIG ZAG CORRECTION! ABC ,WAVE 'C' TRUNCATION I.E FAILURE TO TAKE WAVE 'A 'LOW!! DETAILED LOWER TIME FRAME (4 HOURLY)
wave 1 started from a significant low marked on chart, wave 2 retraced to reach 50% level of wave 1 with a simple zig zag correction!!
GBPINR is expected to continue bearish for couple of next days I am looking for next level as 81.00 to see the GBP will resist before going down further
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.
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Pattern is showing to go long with strict stoploss and Risk:Reward seems good in this setup. Aiming for 100% fib extension, And from there looking for shorting opportunity.
Reversal (Long) from around point C would open doors for a possible rise to point D (102)
Hello traders, just a fun trade on one of the lesser common mixes. Good for carry trade. Multiple cypher patterns at play , buying positions could be added right at the structure below