Rise from 1061 - 5 wave structure - wave 1 of A
Current structure - "c" of abc pending
abc correction will complete
- 2 / B wave
- Right shoulder of the Inv H&S (after long term down trend) - could be strong trend reversal
The corrective phase may probably get completed at shallow retracement - further indication of strong up-trend.
Post completion of corrective phase - we would be playing for C or 3
Lets see how this plays.
Disclaimer - This is only observation and will form basis of our personal trade. In no way we are recommending you to take trade purely on our observation.
Kindly refer to your set-up and advisor.
Current structure - "c" of abc pending
abc correction will complete
- 2 / B wave
- Right shoulder of the Inv H&S (after long term down trend) - could be strong trend reversal
The corrective phase may probably get completed at shallow retracement - further indication of strong up-trend.
Post completion of corrective phase - we would be playing for C or 3
Lets see how this plays.
Disclaimer - This is only observation and will form basis of our personal trade. In no way we are recommending you to take trade purely on our observation.
Kindly refer to your set-up and advisor.
Low on 14-3-23 was 1105 exactly at 66% retracement.
Structure seems to be complete.
One green hourly closing or crossing 1121 would be initial signs of reversal.
1061 remains critical level to watch on the downside.