As expected in Update 2-EUR/INR , Wave X was formed and it has not resolved itself to a regular flat.
The C wave of flat in this Wave X was retraced more than 78% which validates completion of wave C and thereby completion of Wave X. In addition this Wave X had not retraced more than 68% of previous wave Y, hence this is a correction to Wave Y and not to the whole of the previous WXY.
Now expect a 5 wave move to the downside to form the terminal Wave Z. Wave Z could be an ending diagonal or a triangle. The formation of wave Z shall be confirmed by price action breaking below Wave X before 29/09/2021 11:30 (Indian Standard Time).
Wave Z shall end the correction wave B in the box with bold black borders.
I am excited to watch the confirmation of Wave Z and recognize its pattern (expecting either the black path forming a triangle or blue path forming an ending diagonal displayed on screen) to put an end correction Wave B. Waiting for the price to break above Wave Z with high momentum to the upside to trade long with the wave C of major trend.
Keep watching this space for further updates on trading.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
Now expect a 5 wave move to the downside to form the terminal Wave Z. Wave Z could be an ending diagonal or a triangle. The formation of wave Z shall be confirmed by price action breaking below Wave X before 29/09/2021 11:30 (Indian Standard Time).
I am excited to watch the confirmation of Wave Z and recognize its pattern (expecting either the black path forming a triangle or blue path forming an ending diagonal displayed on screen) to put an end correction Wave B. Waiting for the price to break above Wave Z with high momentum to the upside to trade long with the wave C of major trend.
Keep watching this space for further updates on trading.
To understand the concepts behind my analysis please checkout the linked idea. Happy trading :)
