Chart 1:
What is going on with this pair after wave X in Chart 1? I really have no clue but could guess the following patterns.
Option 1: - Chart 2
If the price does not break above 86.5568 on or before 1/03/2022, then this could be a triangle which forms Major Wave Y.
If the price breaks above 86.5568 on or before 01/03/2022 the this could be a flat correction to wave A as shown in Chart 3. Flat correction shall be targeting 86.5568 to 87.00
Chart 3:
1H chart analysis:
Chart 4: Price had reversed the downward momentum in lower time frame and had progressed upwards in a 5 wave move.
Chart 5: If the price move below 85.2494 before 15/02/2022 1:30 (IST) then expect a correction to the 5 wave upward move. This correction could target 84.8707.
Trade setup: At present there is no trade setup until the price had broken above 86.5568 before 01/03/2022 or below 85.2494 before 15/02/2022.
Wait and watch.
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 :)
What is going on with this pair after wave X in Chart 1? I really have no clue but could guess the following patterns.
Option 1: - Chart 2
If the price does not break above 86.5568 on or before 1/03/2022, then this could be a triangle which forms Major Wave Y.
If the price breaks above 86.5568 on or before 01/03/2022 the this could be a flat correction to wave A as shown in Chart 3. Flat correction shall be targeting 86.5568 to 87.00
Chart 3:
1H chart analysis:
Chart 4: Price had reversed the downward momentum in lower time frame and had progressed upwards in a 5 wave move.
Chart 5: If the price move below 85.2494 before 15/02/2022 1:30 (IST) then expect a correction to the 5 wave upward move. This correction could target 84.8707.
Trade setup: At present there is no trade setup until the price had broken above 86.5568 before 01/03/2022 or below 85.2494 before 15/02/2022.
Wait and watch.
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 :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.