GBPINR 1D TF
GBPINR has made a very nice structure after making a new high and has then corrected and has been consolidating since then
A HUGE move is about to come any time and a entry should be taken at whatever side breakout is given
It has been generating power since a long time now!
a new high may also seen if an upper break is seen!
Set SL at the opposite...
This trade line shows the bullish moment in GBPINR and if it will break the line then it will be go up to the 104 and above it and even RSI is showing a bullish pattern in it so wait for the right time and then go with the trend.
This correction could be a triangle but the only suspect is Wave A of triangle with a 5 wave down move.
If this is a triangle, it shall mark the end of wave X and start of wave Z.
Wave X can be validated once the price moves above 104.7 and further above wave Y.
However this approach and the linked approach implies that GBPINR is to be traded long at present and...
Its an ABC correction and now its wave C at its start.
Wave A was swift and long.
Wave B was complex WXY correction ending with a triangle.
Wave C is also expected to be swift, targeting 104.6 approx by 13.07.2021 13:30 (Indian standard time)
Stop loss at 102.68
Caution: Look out for any reversal at the alert zone between 104.17-104.32. Break above this zone...
GBPINR has consolidated a bit after the fall. A pullback was seen and the support perfectly became the new resistance.
Now a fresh short position below the trend line for the targets as mentioned along with stoploss.
The chart seems to form a perfect M top with a clear diversion and as per the Steve Mauro setup it is expected to continue the bearish trend. GBPINR broke its trading range to make its new high and it is bound to be intervened as per fundamentals.
This is my additional view for GBPINR, checkout my initial call from 99 levels which also running.
A Single Day Close Above 103.41
& We'll See GBPINR Above 107
Strict SL - 99.2 (WCB)
Risk Reward - 1:1, 1:1.5