The move from 109.80 to 111.18 was a part of yet to develop first leg in the Ending Diagonal or traditionally we call it a wedge, but it is still premature & I am open for this as there is an overlap between last two consecutive waves.
Once it starts moving above 110.90 likely it will cross 111.36 -previous high in slanting upwards, which will give the 3rd leg of the wedge or E.D. Then 4th leg downside should not go below 110.26 & take a final turn upside filling the criteria of giving us wedge.
This Wedge will be exciting to see as reaction post its formation shall be a sharp downside, but this is premature & one should keep an eye as one of the formation & lot of trading opportunities in between.
Exciting Trade (Premature)
Most exciting trade will be post its completion -once done likely giving us strong downside move but in the current scenario, we will wait for internal wave-iii then wave-iv down not taking out 110.26- wave -ii bottom & later wave-v -- finally the most exciting wave- sharp down.
Once it starts moving above 110.90 likely it will cross 111.36 -previous high in slanting upwards, which will give the 3rd leg of the wedge or E.D. Then 4th leg downside should not go below 110.26 & take a final turn upside filling the criteria of giving us wedge.
This Wedge will be exciting to see as reaction post its formation shall be a sharp downside, but this is premature & one should keep an eye as one of the formation & lot of trading opportunities in between.
Exciting Trade (Premature)
Most exciting trade will be post its completion -once done likely giving us strong downside move but in the current scenario, we will wait for internal wave-iii then wave-iv down not taking out 110.26- wave -ii bottom & later wave-v -- finally the most exciting wave- sharp down.
Trade active
13:28 Hrs 22nd Nov2016Last Price@110.89
Recent High@111.23
The recent jump was internal leg upside in wave-iii of E.D. Holding 110.26- wave -ii bottom it could go above 111.36 to complete wave-iii & then turn downside for wav-iv in down -up-down fashion, but should not break 110.26 -wave-2 low for having final wave-v in upside direction
Trade active
18:33 Hrs 22nd Nov2016Last Price@110.95
From lows of 110.55 above 110.26 it pushed upside & trading at 110.95 going above 111.36 will complete internal wave-iii
Trade active
21:00 Hrs 22nd Nov2016Last Price@111.22
This internal wave which started from 110.55 could end in the zone 111.40-111.50 zone- that will fulfill our wave-iii objective
Post that I shall be looking for wave-iv
Trade active
05:58 Hrs 23rd Nov2016Good Morning, All,
Internal Wave -iii is still incomplete & looks to have b-wave triangle & waiting for c-wave. c-wave could measure 78.6% of a-wave= 111.65 & 100% of a-wave = 111.85 before it could turn for wave-iv
Key support-110.80
Looking upside, above 111.30 for 111.65-111.85 zone before it turns back in yet to complete wave-iii
Trade active
13:13 Hrs 23rd Nov2016Last Price@110.95
Key Support-110.80
110.80 should act as support in what I see a triangle in a ((B)) - wave of internal wave-iii of Ending Diagonal. If 110.80 holds support then thrust could be expected upside
Trade active
19:02 Hrs 23rd Nov2016Last Price@111.82
Target done -100+ pips from 110.80 to 111.82
Let us book profits in internal wave-iii
Trade active
20:25 Hrs 23rd Nov2016Last Price@112.25
Current High@112.47
Taking an alternate count in consideration
(( ))- means circled wave
Likely E.D. turned into bigger impulsive as wave -iii of E.D cannot be straight like trump tower (booked 100+ pips above) –going forward UJ can extend to 112.95-113 as wave-((iii)) travels 161.8% of wave-((i ))- alternate count
Now wave-((iii)) itself is divided into its 5 waves- i-ii-iii-iv-v out of which we are done with wave –iii of wave-((iii)) at 112.47
Trading Strategy-
So, we can see a pullback to the zone 111.60-111.75 as wave-iv & then push upside to 112.95 to complete wave-((iii))
Execution
Once recent low@112.24 is broken with strict stops above 112.48 –we can expect the pullback to 111.60-111.75
One can expect a pullback to the zones 111.60-111.75 with strict stops above recent high@112.50.
Trade closed: target reached
21:00 Hrs 23rd Nov2016Last Price@112.67
Short Trade not executed as 112.24 was not taken out.
Thanks for your support
Trade closed: target reached
22:27 Hrs 23rd Nov2016Last Price@112.60
Can it be better than this 112.95 - turns exactly from 112.95
Trade active
05:10 Hrs 24th Nov2016Last Price@112.70
There is a sell setup below 112.35 likely taking UJ to 111.60-111.70 zone.
Once it goes to 111.60-111.70 - it should remain above 111.36-111.30 zone which is not confirmed yet. In that case -UJ could be expected to move up.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
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.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
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.