Short

Idea might be in for some more pain.

Updated

Idea might be good to go for a small bounce before continuing the downtrend which looks like an WXY on the larger time frames(W,M). The Ascending broadening wedge on the medium time frames which could also be an ABCDE correction in 4rth up of C of Y , broke down nicely. IMO,We're doing 2 of 5 of C of Y down. After that I expect a break out of that descending broadening wedge in C of Y , we've been making since June'18. My initial targets after that potential break are INR 48-67 . I'll start laddering out in this range. But before that , We could go down to complete 5th of C of Y down which might take us to INR 22-25 region , aligns perfectly with the Fib extensions, aiming for weak wave extension for this 5th of C of Y down. Would be an awesome place to ladder in.

A break above E of ABCDE would invalidate this count.

This is not an investment advice and just my opinion of how it can go on about. Take your own decisions , trade carefully and DYOR properly.

Note

*Correction
The Z of C of Y is misplaced a bit in the first chart . it should be in the same area as 5 of C of Y down in 2nd chart . My bad.

XtinCt

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.