If analysis in place tomorrow we should get a higher opening with potential to complete the wave 3 before it start wave 5 towards 10600 level. If tomorrow price break above 10500 and roll over after reaching 10576 area then the pull back will be a entry to wave 5 towards 10600...Happy New Year!!!
broke counter trendline and it looks like inverted H7S break in 1H time frame but shoulders look very shallow but it has broken the counter trendline H&S can be combined as the launching pattern for this. DXY looks to have support around 92.81 area.
Just to put in a prospective, following traditional technical analysis can lead to good trades and necessarily no need to trade every other day. It is question to be asked if fundamental make the technical or fundamental can be predicted by the technical. Nevertheless it is always to good to have both technical and fundamental knowledge in your trading arsenal.
It is respecting the falling trendline with good risk reward trade for short term, potentially it is forming an Inverse H&S, this fall would potentially will make the head before heading to create right shoulder.
After breaking the H&S neckline it is retesting on Daily time frame with little support in curve trendline and daily candle looks like an inverted candle (Since few more hours to go) if we get inverted candle then the break of curve trendline will bring the pair down to next support zone. If we go down the time frame it has beautifully rejected the neckline.
After breaking the trendline Gold is moving in a bear flag, potential break to the downside will bring 3000 to the question and tomorrow's positive move from Fed will break this level to erase all the gain from last weeks.
As it broke the confirmation line after double bottom, potential gap fill ahead at around around 8,600 range and that is exactly the zone of the range of double bottom. As heading towards budget would be wise to buy 8600 call??????..hhahahah
NIFTY 50, on the confirmation line to break out the double bottom formation, will it lead to reclaim 8,600 in to the budget or will it retest 8,000 level on budget week and push run towards 8,600 or break 8,000 and towards 7,600?