GBPINR shall be range bound between 98.6 to 107.0 until Jan 2023
Monthly chart indicates that wave 5 is in going on.
Wave 5 is expected to be a 5 wave move out of which wave 1 and 2 are over.
Wave 3 is in progress.
Major support and resistance zone as indicated in chart.
Weekly chart indicates wave 1 in 5 is a 3 wave move (indicated by ABC) and accordingly wave 3 in 5 is also expected to be a 3 wave move
Wave 2 is a zigzag and hence based on rule of alteration wave 4 (yet to come) is expected to be either a flat or a triangle.
But whether wave 3 is over? Have wave 4 started?
Daily chart indicates wave A in wave 3 is a impulsive 5 wave move and accordingly wave C in wave 3 is also expected to be a 5 wave move.
In wave C the waves 1 and 3 are with 3 internal waves indicating an ending diagonal.
Exhaustion of wave 5 in C was indicated by breaching the upper trend line and an evening star.
The price broke back into the trend line.
Downward movement right now might be the start of major wave 4.
If it is wave 4 then GBPINR shall be range bound between 98.6 to 107.0 until Jan 2023. Possible patterns shall be a flat/triangle or combo waves.
Wave 3 is in progress.
Major support and resistance zone as indicated in chart.
Weekly chart indicates wave 1 in 5 is a 3 wave move (indicated by ABC) and accordingly wave 3 in 5 is also expected to be a 3 wave move
But whether wave 3 is over? Have wave 4 started?
Daily chart indicates wave A in wave 3 is a impulsive 5 wave move and accordingly wave C in wave 3 is also expected to be a 5 wave move.
Exhaustion of wave 5 in C was indicated by breaching the upper trend line and an evening star.
The price broke back into the trend line.
Downward movement right now might be the start of major wave 4.
If it is wave 4 then GBPINR shall be range bound between 98.6 to 107.0 until Jan 2023. Possible patterns shall be a flat/triangle or combo waves.
