The move from 65 lows in Feb2016 has been complete choppy & a hard move upside. Such moves are very tough to count as they can give nightmares but gave an attempt. It looks a corrective (W)- (X)- (Y) sequence & currently running in (Y) wave nested structure. In (Y) wave it is an impulsive structure.
From 85.30 lows it had sharp upside move till 109.80 - post that it is choppy & likely retraces 38.2% of 85.30-109.80 distance in the zone 100-101.50. If holds & we get price confirmation for upside then it can be expected atleast 110-112 zone as target zone next.
We will keep a close watch on the structure if we get to see price holding in the zone 100-101.50 & gives a push upside to confirm that desired move has started shall be an opportunity to take long positions with the respective day low as stops.
Looks like sideways move & attempt for 105 levels can be made & retest of prior lows in the zone 100-101 we shall come back to see whether it holds then we expect upside push.
Comments
AMBRISH
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it seems Jio effect on Dish TV.
WaveTalks
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@AMBRISH, These news are little tough to convert in prices as we never get news on time -simple example was Idea -Vodafone caught up traders on good news.So, I depend on news little less as price movements are going to happen first.
AMBRISH
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@AbhishekHSinghCMT, Yes Sir, I agree with you, I saw set top box of Jio on economic times : Reliance Jio's Set Top Box images leaked; telco may launch DTH services soon