If price moves below the green box (X or 4) within the period of this box then this is trend reversal to the downside or it is correction to the adjacent long wave in the green box labelled as wave W or 1,2,3.
Its time to keep patience!!!.
Price is under correction upon completion of a 5 wave downward move.
Price is expected to follow the blue path to the downside upon breaking below the correction channel.
Target: 85:50 - 85.40
If price breaks below the yellow box (87.0325) within the period of yellow box (before 28/08/2021 2:30 UTC+5:30) then it is continuation to downtrend (blue path) or it is continuation to the upward correction (black path).
However the entry is
short for now
Stop loss 87.4256
Target: 85.86
Wait until target or stop loss is hit.
Currently consolidating near support zone
Any breakout on either side will give a good move.
Remember on daily charts price is still above 200 EMA.
Just for educational purpose.
Following Picture depicts what happened (Waves 1, 2 and 3) and what's expected to happen (wave 4 and 5)
And the following is the assessment on wave 4
Trade Setup:
Position: Short
Target 1: 86.1211
Target 2: 85.5416
Expected target time: 14/04/2021
Multi-year breakout above 86 handle has created room for upside till 92.30 (All time high) and beyond. As far as 86.00 is intact uptrend will continue. At current levels we can observe bullish divergence in RSI along with rising trend line making a case for fresh long with favorable risk reward.
EURINR has been around the lower edge of a rising channel. It has not been able to break it since last few sessions. One reason for same could be a support area near the the trendline of the channel which was acting as a resistance during the last few weeks.
I expect the EURINR pair to rise from here and reach to levels of around 90.50. It would be interesting to...
The confluence of the bullish trendline in daily and bearish trendline in 4H time frame with the support zone around 88.94 to 89.14 along with the Fibonacci levels falling in the same zone indicates a bullish setup on reversal of bearishness (4H) in the zone.
Price action is making a clear 5 wave upward movement and indicating that current WXY is over with a C wave failure to close below B wave (triangle).
Price action might enter into a correction pattern to WXY or my resume uptrend.
Let's wait and spot for going Long at least for a couple of weeks.
