The pattern expecting in Chart 3 of Update 15-EUR/INR had not happened. Following chart explains it.
Chart 1:
It the pattern is to recognized as triangle then the wave E should have been a corrective to wave D which means that it should take more time to retrace wave D. However, in this case the price action labelled as wave E had retraced the complete wave D within a period faster than wave D. If this is yet to be considered as an exceptional triangle, then it should not break above Wave A. If the price breaks above wave A then the triangle pattern is invalidated.
As this pattern is suspected to be a triangle, a conservative trade pan can be applied with a short entry upon the price action breaking below the wave E with momentum greater than wave E and it marks the end of total correction. However this wave E is not yet over. End of wave E shall be marked either by price breaking below wave E or breaking above wave A (note: break above wave A shall invalidate the triangle pattern and total wave count should be relooked).
Chart 2: Depicting the incomplete wave E and conservative entry line.
Other possibilities are discussed below:
Chart 3: If suppose the incomplete wave breaks above wave A and then turns downs with a momentum slower than this wave then the following wave movements could be a possibility.
Chart 4: if the incomplete wave breaks above wave A and continues up without turning down and if it ends within/after the marked period below the resistance zone then it shall be wave C. Expect bearish signals at resistance zone within the period for the price to turn down.
Other opportunities shall be discussed after 15 April based on price action. Let's wait for the market to resolve itself and to provide signals. I am looking for shorting opportunities because the previous major trend is bearish.
If market resolved as predicted in chart 2 then the following targets as mentioned in Update 14-EUR/INR still holds valid.
Position : Short
Trading timeframe: 1H chart
Entry : 82.3210 (based on validation with a higher bearish momentum than wave E)
Stop loss : Above Wave E
Target 1 : 81.4856
Target 2 : 80.3217 ( if price breaks below 81.1737 with high momentum before 19 April 2022)
Target date : 22 April 2022 +/- 1 day
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
Chart 1:
As this pattern is suspected to be a triangle, a conservative trade pan can be applied with a short entry upon the price action breaking below the wave E with momentum greater than wave E and it marks the end of total correction. However this wave E is not yet over. End of wave E shall be marked either by price breaking below wave E or breaking above wave A (note: break above wave A shall invalidate the triangle pattern and total wave count should be relooked).
Chart 2: Depicting the incomplete wave E and conservative entry line.
Other possibilities are discussed below:
Chart 3: If suppose the incomplete wave breaks above wave A and then turns downs with a momentum slower than this wave then the following wave movements could be a possibility.
Chart 4: if the incomplete wave breaks above wave A and continues up without turning down and if it ends within/after the marked period below the resistance zone then it shall be wave C. Expect bearish signals at resistance zone within the period for the price to turn down.
Other opportunities shall be discussed after 15 April based on price action. Let's wait for the market to resolve itself and to provide signals. I am looking for shorting opportunities because the previous major trend is bearish.
If market resolved as predicted in chart 2 then the following targets as mentioned in Update 14-EUR/INR still holds valid.
Position : Short
Trading timeframe: 1H chart
Entry : 82.3210 (based on validation with a higher bearish momentum than wave E)
Stop loss : Above Wave E
Target 1 : 81.4856
Target 2 : 80.3217 ( if price breaks below 81.1737 with high momentum before 19 April 2022)
Target date : 22 April 2022 +/- 1 day
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
