- This is a chart for USDINR spot.
- I trying to count a possible pattern of double three in this 2 and 1/2 yr up move in USDINR from early 40s.
- The first leg was a 3 wave move, followed by an [X] wave.
- The price pattern after the [X] wave may be counted as a neutral triangle (Courtesy Neowave).
- Which means wave [C] should be the longest of wave [A], [C] and [E].
- The wave [B] was a drawn out affair in time, but price wise it did not make an impact, where as the possible wave [D] is sharp so far, and may reach 58.74 odd levels, before it is done with, providing us with clear alternation in price, time and the pattern formed or construction.
- Wave [E] should be short and sweet, and a sharp down move should follow once it is done.
- Now I am only learning Neowave, and there may be mistakes in my analysis, which I will be glad to correct upon pointed out.
- But the purpose of this analysis is to provide us with a broad possibility, or a broad road map, to guide our trading activities on shorter fractals.
Saturday, October 5, 2013
Friday, October 4, 2013
- GAPS in prices are like windows of opportunities.
- Last time we were supported by the gap between 5738.50-5673.60, this demand zone propelled us upwards.
- Now we are approaching another gap at 6024.55-5989.00, this should act as a resistance zone for the prices.
- Price behavior near this zone will tell us whether we have placed a medium to long term bottom in place, or this rise is just a corrective rally.
- One cannot miss the falling TL which is now being approached by the prices, even if we BO from this TL, we have a gap resistance right above it.
- So a host of supply zones are immediately above us, will the markets break through them or we are going to get badgered down again, remains to be see.
- I think one should think about protecting what they have rather than thinking of what one could gain, at such junctures in price.
- I would tighten my SL, and look for reentry if all these supply zones are taken out.
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