GBPINR: Anticipated Happened and ElliottWave forecast

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GBPINR continuous daily chart



GBPINR Continuous daily chart


In my previous update dated on 16th March 2020, I had mentioned, “prices are firmly in a negative trend and can stumble till 92 followed by 91 with crucial resistance placed at 95.30.”

The pair failed to move above 95.3 and opened with a gap down on Monday accelerating the selling pressure which dragged prices lower till 86.23 levels thus achieving my mentioned level- Anticipated happened.

From above chart of GBPINR, prices bounced from the low of last week and closed much higher than the close. It is to my knowledge that prices have relieved from the oversold terrain and can resume its downtrend. The gap of Thursday was filled on Friday which is also likely to face the resistance.

As per wave theory, I think wave iv is on the brink to complete and wave v will move down very soon. It is unlikely for the price to move above 90.1.

The summation is, the pair will reverse the direction to shed all the Friday’s gain. It is likely for prices to move down till 85.55 with resistance at 90.1

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