Monthly chart indicates that wave 5 is in going on.
Wave 5 is expected to be a 5 wave move out of which wave 1 and 2 are over.
Wave 3 is in progress.
Major support and resistance zone as indicated in chart.
Weekly chart indicates wave 1 in 5 is a 3 wave move (indicated by ABC) and accordingly wave 3 in 5 is also expected...
Weekly chart implies that wave 3 of a 3 wave move is in progress. Wave 1 and Wave 3 of 3 wave move are highlighted in boxes.
Wave 1 of 3 in purple box have an internal 3 wave movement and accordingly, wave 3 of 3 in blue box is also expected to have 3 wave movement.
Daily chart: Analysis of Wave 3 of 3 in blue...
After a 5 wave move down, USDINR should now correct itself between 71.5 to 74.75
A triangle pattern is spotted and accordingly the trade setup is to short with targets as 72.2, 71.75 and 71.5 as possible reversal points to the upside
Nifty 50 is under correction and might be under a flat corrective pattern formation or a zigzag.
Important levels to watch
Support 1: 14862
Intermittent resistance: 15431
Support zone for reversal: 14635-14467
Possible moves are marked on chart. Happy Trading :)
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
Target 1: 86.1211
Target 2: 85.5416
Expected target time: 14/04/2021
Monthly chart indicates that the current trend is correction to the previous down move.
The C wave is about the end possibly before 102
Cautiously Long as it might reverse any time and that's how a quality of trader shall be :)
The current corrective wave might be at wave 5 of motive wave A as shown below
At wave C in Wave Y of a double zigzag as shown below
Whatever might be the count, it's end might be at 72.65 - 72.5
In either of the cases (whether wave C in Y...
Recovery of NIFTY 50 after the outbreak of COVID-19 is paced than ever before.
The momentum of initial waves are impulsive than the following waves hence could not be concluded to be counted as 1, 2,3,4 and 5.
But the Recent wave is impulsive than the wave marked as 'Might be W or 1'.
Target of the current wave might be 15073 or rounded off to 15100.
Wave 4 is expected to be either a running flat or a with a truncated wave C.
There is high probability that wave C of wave 4 (regular flat) to be truncated to fit itself into the parallel channel however that is for future.
Right now wave B in wave 4 is in progress which is expected to be supported at and around 74.0 targeting long to 74.9