BRITISH POUND / INDIAN RUPEEPanjang
GBPINR Update-3
Price action after a long bullish run had taken a pause, and the pause seems to be over.
Interpretation 1:
As there were 3 complete waves formed in the bullish trend and the recent motive wave was slower than the earlier motive wave which might indicate that the formation could be an ABC. Recent correction could be a long term correction which might be an X wave unless the C wave is completely retraced. Refer chart 1
Chart 1
https://www.tradingview.com/x/lSOT6TxV/
Interpretation 2:
Though the recent motive wave was slower, but it travelled longer than the earlier motive wave, this could be an evidence of slow bullish market sentiment and it forces to interpret the formation as 123. Recent correction could be wave 4. Refer chart 2
Chart 2
https://www.tradingview.com/x/dnFwZvrw/
Now the question is whether the recent correction a wave 4 or wave x? Well that has to be answered by time.
Period taken by recent correction is yet not sufficient to be in proportion with the recent motive wave or the earlier correction wave to answer the above question. Refer chart 3. Market might give a clue about the answer by 23 or 24 Jan 2023 (the period inside recent correction box)
Chart 3
https://www.tradingview.com/x/DGuNO2EO/
What until then?
Daily chart shows formation of a piercing candle after a brief down trend which might indicate return of a short term bullishness. Refer chart 4
Chart 4
https://www.tradingview.com/x/2bscEJCD/
Trading strategy:
Position: Long
Entry condition: Only upon daily close above the resistance at 100.1472 on/before 13 Jan 2023
Entry zone : 100.1472 to 100.2962.
Stop loss: 97.9810
Target: 102.67
If the price does not break above 100.1472 on or before 13 Jan 2023 then the price action and patterns should be relooked.
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 :)
Disclaimer: Validate with your analysis before trading. This post is not a trading advise but a product of personal research and analysis
Interpretation 1:
As there were 3 complete waves formed in the bullish trend and the recent motive wave was slower than the earlier motive wave which might indicate that the formation could be an ABC. Recent correction could be a long term correction which might be an X wave unless the C wave is completely retraced. Refer chart 1
Chart 1
https://www.tradingview.com/x/lSOT6TxV/
Interpretation 2:
Though the recent motive wave was slower, but it travelled longer than the earlier motive wave, this could be an evidence of slow bullish market sentiment and it forces to interpret the formation as 123. Recent correction could be wave 4. Refer chart 2
Chart 2
https://www.tradingview.com/x/dnFwZvrw/
Now the question is whether the recent correction a wave 4 or wave x? Well that has to be answered by time.
Period taken by recent correction is yet not sufficient to be in proportion with the recent motive wave or the earlier correction wave to answer the above question. Refer chart 3. Market might give a clue about the answer by 23 or 24 Jan 2023 (the period inside recent correction box)
Chart 3
https://www.tradingview.com/x/DGuNO2EO/
What until then?
Daily chart shows formation of a piercing candle after a brief down trend which might indicate return of a short term bullishness. Refer chart 4
Chart 4
https://www.tradingview.com/x/2bscEJCD/
Trading strategy:
Position: Long
Entry condition: Only upon daily close above the resistance at 100.1472 on/before 13 Jan 2023
Entry zone : 100.1472 to 100.2962.
Stop loss: 97.9810
Target: 102.67
If the price does not break above 100.1472 on or before 13 Jan 2023 then the price action and patterns should be relooked.
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 :)
Disclaimer: Validate with your analysis before trading. This post is not a trading advise but a product of personal research and analysis
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