I continuation to my previous posting with multi time frame analysis in the link, Correction wave 2 is over and Impulse wave 3 started yesterday with a bullish engulfing candle at 92.5.
Trade direction: Long
Entry : 92.5 to 93.6
Stop loss: 92.0
1M chart analysis
1 round of impulse and corrections are over.
A new trend just got started and is separated by a vertical line labeled "1M Line separating new trend from previous trends".
1W chart analysis is focused on new trend
It is expected to stay within the ARC.
Currency pair GBPINR is currently overbought at 93.10 and is likely reversing direction to head for 92.80. Target (T) and Stop loss (SL) is advised for 1:1 at 30p each, with recommended profit booking at 92.90
Either of the above channels should work.
Current support shall be initial target.
Break below current support shall drive further drop to target 1 and 2.
1D close above Line 1 shall indicate correction or reversal to downtrend.
Drop in price today 12.05.2020 was huge.
Price Drop happened upon breaking below the head and shoulders pattern.
Based on above facts and momentum its seems that the fall shall continue.
Short until the price is within the resistance line of the channel.
Hope its going to be fun.
Price had deviated uptrend line and is under correction.
Correction is expected to end around 92.0 as
1. It is the strong historical support zone
2. 92.0 is 38% Fib retracement level
Wait for bullish candle stick or chart pattern as reversal signal around 92.0 or daily close above the correction channel to enter long.
But this is not the time...
Last couple of weeks show mixed data with high momentum on both sides.
The marked triangle is the area to be monitored for clues on direction.
However aggressive trade decisions can be made as shown in below chart based on Last week high and low
1. Watch for the...
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!