Yo!! the price broke below 85.2494 but late beyond 15/02/2022 forming a diagonal wave A or 1. The break was followed by a consolidation forming a triangle wave B or 2. Triangle consolidation was followed by wave C or 3. Chart 1 shows the patterns.
Chart 1:
What to expect now? In wave C or 3, minor waves 1 and 2 are over, wave 3 is in progress and might be over if it breaks above 84.6010. Expect wave 4 to move up to 84.80 and wait until 21/02/2022 12:30 (Indian Standard Time) to identify the pattern to take the next move in wave 5.
For sure, I shall not be in a position to update it by 21/02/2022 12:30 (Indian Standard Time) on the pattern, but will try. But right now I have already positioned short at 85.2269 and waiting to hit the target 84.43.
If the price breaks below 84.4271 before 21/02/2022 20:30 (Indian Standard Time) then the momentum of the current move to the downside labelled as wave C or 3 shall be higher than wave A or 1. This momentum shall indicate further downside move after a consolidation. Lets wait and see.
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 :)
Chart 1:
For sure, I shall not be in a position to update it by 21/02/2022 12:30 (Indian Standard Time) on the pattern, but will try. But right now I have already positioned short at 85.2269 and waiting to hit the target 84.43.
If the price breaks below 84.4271 before 21/02/2022 20:30 (Indian Standard Time) then the momentum of the current move to the downside labelled as wave C or 3 shall be higher than wave A or 1. This momentum shall indicate further downside move after a consolidation. Lets wait and see.
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 :)
