I think we will see a sharp rally here once the lows are retested to complete the C wave of the corrective structure. I would watch for a reversal once the previous lows are retested. Short term up, Long time, Down trend still in tact.
There's divergence on the Daily time frame, too
USD INR made quite a move and the MACD divergence on the 240 suggests we might see a deep pull back, probably to the 382/ 50 FIB to 65.8/ 66.47 levels. I would wait for a break of the trendline and consolidation above the trend line to go long.
Axis Bank seems to be in a Zig Zag Correction where the last move to the upside is expected to happen tomorrow. There is also a bullish divergence on the MACD. We have just finished the B wave (the 3 wave ABC) after a 5 wave up, which means the next set of 5 sub waves to the upside could happen now, completing the 5-3-5 pattern of the Zig Zag. Short term upside, ...
I see that Bata made a 5 wave corrective pattern to the upside and an Ending Diagonal in wave 5. It has broken the down trend line and is in consolidation. A break out to the downside from this consolidation would mean Bata will go down to atleast 490 levels.
Voltas is probably in the last wave of the Ending Diagonal which means there could be a reversal/ deep correction very soon. It may hit 444 and then start its correction to the downside. If holding Long positions, moving the stop tight seems to be good idea. Fresh short position could be initiated once the upward channel is broken.
USDINR is currently in a channel moving up, however I think its only a consolidation and if that channel is broken to the downside, we may see it go down to 62.899 levels.
If it breaks up and breaks out of the 240 trend line, then it will be a deeper pullback, however I dont think thats happening now anytime soon.
We are still in the corrective pattern however we did finish a 3 wave ABC pattern to make the next move up. This is possibly a D wave which means we will get another wave E that will go below the current lows or if there is a breakout from the top trend line, we can see another impulse to the upside.Either ways, this move is to the upside, I would be cautious as ...
We might have just completed a Flat on a lower degree, waiting to make a flat on a higher degree. I am looking for a move up to the 127.2% at 359 if the price moves above 343. stop loss would be 332. Watch out for the possibility of a smaller wave as we can always see a running flat where the C never travels the full distance.
Also notice the bullish divergence ...
Nifty- Bullish Hidden Divergence seen and we have and a break out from a possible 5 wave corrective pattern. I guess we will see some upside tomorrow and if the upper trend line is broken, followed by a consolidation above that trend line, we might even see the 127 hit at 9345.
A deep potential Gartley pattern seems to be setting up on the EUR/USD.
1.12517 levels have been support earlier and have been tested multiple times as resistance and it held. If tested again, the level should hold again as resistance again.