As expected in as stated in UPDATE 9-EUR/INR trade setup the price had hit and reversed at 84.6583. But the reversal to the downside from 84.6583 was not strong enough. Refer Chart 1 for details.
Chart 1
Hence this downward wave is a correction wave to the previous ABC wave and this could turn out to be a regular flat as shown in chart 2
Chart 2: Option 1
Chart 3: Option 3, This move could be a triangle correction to ABC.
Chart 4: Option 4, the whole correction could be a triangle
Time should answer and hence let's give time sometime until this weekend.
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 :)
Chart 1
Chart 2: Option 1
Time should answer and hence let's give time sometime until this weekend.
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 :)
