Comparison between Running triangle-Leading and Ending Diagonals
Chart 1 depicts a theoretical structure of Running triangle and an ending diagonal in a down trend.
As mentioned the comparison is in a downtrend. Accordingly downward move is termed as directional move and move to the...
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...
The pattern expecting in Chart 3 of Update 15-EUR/INR had not happened. Following chart explains it.
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...
Expect end of correction and bullish reversal at 87.87-88.03 zone.
Enter long upon 4H close above 88.75
Target 90.9 (shall be followed for changes upon taking the trade based on nature of future wave pattern)
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...