Price action takes its own path. My duty is to predict all possible options and spot entry and exits to trade.
What had happened overnight and what to expect further?
Chart 1: Details the the options predicted in Update 15-EUR/INR
Price action in incomplete wave had broke above wave A and had turned down with momentum greater than the incomplete wave. What does that mean? Option-1 and Option-2 are invalidated. So what to expect next?
Chart 2: This chart details the further predictions.
There are three possibilities predicted from the current move.
Option 1- Price might correct the current move and then move downwards.
Option 2- Price might complete wave C at zone 1 and then turn down.
Option 3- Price might complete wave C at zone 2 and then turn down.
Whatever might be the case, a break below 82.0803 validates the downward move then the following targets as mentioned in Update 14-EUR/ INR still holds valid.
Position : Short
Trading timeframe: 1H chart
Entry : 82.0803 (based on validation with break below 82.0803)
Stop loss : Above recent high
Target 1 : 81.4856
Target 2 : 80.3217
To catch the entry earlier, track the wave C for a 5 wave motive move to the upside. Spot wave 5 and enter short upon the price break below wave 4 of wave C.
Keep watching this space for further updates on trading and managing the trade.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
Disclaimer: Validate with your analysis before trading. This post is not a trading advise but a product of personal research and analysis
What had happened overnight and what to expect further?
Chart 1: Details the the options predicted in Update 15-EUR/INR
Chart 2: This chart details the further predictions.
Option 1- Price might correct the current move and then move downwards.
Option 2- Price might complete wave C at zone 1 and then turn down.
Option 3- Price might complete wave C at zone 2 and then turn down.
Whatever might be the case, a break below 82.0803 validates the downward move then the following targets as mentioned in Update 14-EUR/ INR still holds valid.
Position : Short
Trading timeframe: 1H chart
Entry : 82.0803 (based on validation with break below 82.0803)
Stop loss : Above recent high
Target 1 : 81.4856
Target 2 : 80.3217
To catch the entry earlier, track the wave C for a 5 wave motive move to the upside. Spot wave 5 and enter short upon the price break below wave 4 of wave C.
Keep watching this space for further updates on trading and managing the trade.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
Disclaimer: Validate with your analysis before trading. This post is not a trading advise but a product of personal research and analysis
