rakulpadmashri
New Member
Main scenario: consider short positions from corrections below the level of 91.20 with a target of 80.00 – 76.36.
Alternative scenario: breakout and consolidation above the level of 91.20 will allow the asset to continue rising to the levels of 95.65 – 102.00.
Analysis: the first wave of larger degree (1) is presumably formed, a descending correction developed as second wave (2), and the third wave (3) started unfolding on the daily chart. The first wave of smaller degree 1 of (3) is presumably developing on the H4 chart. As its part, wave iii of 1 is formed, and a downside correction is developing as wave iv of 1. Apparently, wave (с) of iv is forming on the H1 chart. If this assumption is correct, the asset's price will continue to drop to 80.00 – 76.36. The level of 91.20 is critical in this scenario as a breakout will enable the price to continue rising to the levels of 95.65 – 102.00.
Alternative scenario: breakout and consolidation above the level of 91.20 will allow the asset to continue rising to the levels of 95.65 – 102.00.
Analysis: the first wave of larger degree (1) is presumably formed, a descending correction developed as second wave (2), and the third wave (3) started unfolding on the daily chart. The first wave of smaller degree 1 of (3) is presumably developing on the H4 chart. As its part, wave iii of 1 is formed, and a downside correction is developing as wave iv of 1. Apparently, wave (с) of iv is forming on the H1 chart. If this assumption is correct, the asset's price will continue to drop to 80.00 – 76.36. The level of 91.20 is critical in this scenario as a breakout will enable the price to continue rising to the levels of 95.65 – 102.00.
