rakulpadmashri
New Member
Main scenario: consider long positions from corrections above the level of 1950.36 with a target of 2023.50 – 2060.00.
Alternative scenario: breakout and consolidation below the level of 1950.36 will allow the pair to continue declining to the levels of 1903.00 – 1881.60.
Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with the first wave 1 of (5) formed as its part. Apparently, a downside correction formed as second wave 2 of (5) on the H4 time frame, with wave c of 2 completed as its part. The third wave 3 of (5) started to unfold on the H1 time frame, with the first counter-trend wave of smaller degree i of 3 continuing forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 2023.50 – 2060.00. The level of 1950.36 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1903.00 – 1881.60
Alternative scenario: breakout and consolidation below the level of 1950.36 will allow the pair to continue declining to the levels of 1903.00 – 1881.60.
Analysis: a descending correction appears to have formed as the fourth wave (4) of larger degree on the daily chart. The fifth wave (5) is unfolding, with the first wave 1 of (5) formed as its part. Apparently, a downside correction formed as second wave 2 of (5) on the H4 time frame, with wave c of 2 completed as its part. The third wave 3 of (5) started to unfold on the H1 time frame, with the first counter-trend wave of smaller degree i of 3 continuing forming as its part. If the presumption is correct, the pair will continue to rise to the levels of 2023.50 – 2060.00. The level of 1950.36 is critical in this scenario as a breakout will enable the pair to continue declining to the levels of 1903.00 – 1881.60
