Hi Guys, this looks like a falling wedge which should break to the up side , if it does then buying the break out is a good idea, Remember 90% of the break and reverse the move but some just break make a small (corrective ) move up and then continue the down side. Make sure you have a strategy to trade such pattern.
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Here is a thought that might help newbies "never use anyone's strategy unless you gave tested it your self"
I agree Anil, but I think the down trend has almost exhausted.
More likely to be a buy.
InsideMarket
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Nice one, Anil.
MACD indicator suggests the ceasing of the downtrend as well a possible fourth wave.
I would guess a consolidation based on the previous price action.
NidalDarawsheh
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hi Anil, do you think we might see 0.7 before it breaks to the upside? i am short from 72.5 looking to switch sides around 0.7
anilmangal
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possible but if the falling wedge plays out then we will get an up move today.
NidalDarawsheh
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true, I am hoping for a news spike today
TradebyRik
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Hi Anil. Do you believe this wave count could work as the wave v of wave 3 is sitting at 1.618 extension of wave 1 and may reverse from here itself to upside to make Wave 4.
anilmangal
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Looks nice, but I would not label that structure as a motive 5 wave.