Prices have confirmed a lower high and lower low formation with the break of 11185.15 on daily charts. Now, on the lower time frame charts, prices are approaching resistance zones along with the formation of negative reversal where prices are in the formation of lower highs while indicator (RSI) makes higher high. Now, on the break of 11181 which is a higher low...
The first leg of irregular correction has started to appear from 77.01. Now a trading opportunity is visible on price charts which can drag prices lower to:
i) 74 being 100% extension of wave A in an ideal case
ii) 73.22 being 138.2% extension of wave A in most cases
iii ) 72.70 being 161.8% extension of wave A on rare occasion
A break below 75.40 would provide...
The rally from December 2015 lows is a part of corrective structure.
The overall structure could pan out in regular flat till the time this rise remains below $1920 which would eventually convert to irregular flat on a cross above $1920.
I have marked some projection levels where the prices could end this up move.
So we may be in the last leg of the rally in...
The first leg of the current fall from the top of 9889 is impulsive in nature. So, another leg on the downside would be imminent. Now, where this fall would end, there are some possibilities
Case 1: A 100% move from the top would take index to 8808 which is an ideal case scenario, as per the text book.
Case 2 & 3: It's my personal experience that markets extend...
USDINR seems to be forming irregular flat and is expected to take prices above 70.50 in wave C. Further confirmation for the move can be seen when prices starts moving above 69. The supports of 68.20 are expected to be held in this up move.
The marked ellipse seems to be a corrective rise so far, in the form of zig-zag. The marked square is a rare island reversal pattern formed at the top. The break below 11549, will break the uptrend started from 10585 and the index might be ready to retrace back towards 10000.
Disclaimer: This is for educational purpose only. Its not a trade recommendation.