I have planned to start a series of regular updates for EURINR and hence started to label the ideas in a serially. This idea is starts the series as Update 1-EUR/INR. Now lets get into the subject.
Refer the linked idea on how momentum helps in identifying waves.
This chart shows how the momentum had its critical role in identification of waves.
Red boxes are motive waves with strong momentum and the blue ones are corrective waves with weak momentum.
Notice that in Waves W and Y the motive waves have strong momentum in the direction of downtrend and the same down (directional) waves have weak momentum in Wave X.
Price action in box labelled as Wave X/Reversal had completely retraced wave 5 of wave Y with stronger momentum than wave 5. This could be correction wave X to wave Y or it could be a reversal. If this is a reversal then it shall retrace the whole of wave Y within the period of this box before 17/09/2021 22:30 (Indian standard time). If not then it confirms wave X formation. Expect wave Z to the downside upon completion of wave X. I am neutral for now.
Your comments are welcome.
Refer the linked idea on how momentum helps in identifying waves.
Red boxes are motive waves with strong momentum and the blue ones are corrective waves with weak momentum.
Notice that in Waves W and Y the motive waves have strong momentum in the direction of downtrend and the same down (directional) waves have weak momentum in Wave X.
Price action in box labelled as Wave X/Reversal had completely retraced wave 5 of wave Y with stronger momentum than wave 5. This could be correction wave X to wave Y or it could be a reversal. If this is a reversal then it shall retrace the whole of wave Y within the period of this box before 17/09/2021 22:30 (Indian standard time). If not then it confirms wave X formation. Expect wave Z to the downside upon completion of wave X. I am neutral for now.
Your comments are welcome.
