GBPINR: Neo wave, Extracting Triangle, Diametric pattern and post pattern implication

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GBPINR is moving in a extracting triangle pattern which is a part of Neo wave pattern. The pair is moving in a complex correction pattern. 

In an extracting triangle pattern, the major trend contracts going ahead. Having said that, in the below chart wave a of the triangle pattern starts on 13th April 2015 with the bottom of 90.85 and completed wave a at 101.03. It then formed wave b in an irregular flat pattern followed by wave c, which was smaller than wave a in length. Wave a surged by 10.18 points (101.03-90.85) whereas wave c took 8.48 points (105.62-97.14). Wave d came down in a three wave structure followed by wave e which is the last leg of the triangle pattern in which wave a was a diametric pattern followed by wave b and now it is moving up in the last leg of wave e i.e. wave c. Wave e must be smaller than wave c in length. Wave e should surge less than 8.48 points, as of now it have soared roughly 3 points. The resistance for wave e should be somewhere near 102.50 levels. Post triangle pattern the thrust should be steeper and prices need to test 97 levels followed by 90 levels.

In short, a minor wave up near till 102.50 will complete the Extracting triangle pattern and after the triangle pattern prices will move down till 97 levels followed by 90 levels.

GBPINR Daily Chart

Disclaimer: Please do not circulate this report to Clients and others. The motive for this short term update was to make aware of various patterns and its implications and how it can be used for forecasting various asset classes. Do not trade on this update or take any positions based on the above mentioned view

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