EURINR: Flat Pattern

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EURINR Weekly Continuous Contract
From the above weekly chart of EURINR, prices are moving down by breaking its previous low which indicates that prices are negatively poised and can drag down further.

A classical bearish head and shoulder pattern is formed (shown by rising black line). Prices are trading below this neckline. Last week it tested the neckline but failed to trade above it, indicating supply pressure is intense. The target as per the pattern comes to 72 levels.

As per wave theory, prices completed wave b in a three wave structure (a-b-c) and retraced 80% of the previous wave a, indicating that it is a flat pattern. This means wave c is pending on the downside. Prices have started wave c lower and can move down near to 72 levels.

In short, as far as prices trade in a falling black channel, the bias is negative as it can tumble near till 72 levels with resistance at 81.
It is not difficult to predict the market by using advance technical analysis, but it is difficult to understand advance technical analysis. All you need to do is mail me at meghmody@gmail.com or call on 9324174580 and subscribe to my two day paid seminar. In these two days you will learn the concept of Elliott Wave and Neo wave, combination of price and time, how to anticipate, tools required to anticipate the rise and fall of price. It is better not to follow the crowd blindly and think objectively before taking a trade. The cost of this seminar is 10000/- per person.

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