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 :)
Option 1: - Chart 2
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 :)
