GBPINR - Wave 5 to start?

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 GBPINR 4 hour chart


Analysis

As seen in the above chart, prices are moving in a higher highs and higher lows showing strength. Within this trend, there is a smaller trend which is moving in a falling channel. Recently prices have picked momentum from the lower end of the channel, thereby showing resilience.

RSI is in overbought zone and ROC which is in the lower panel has crossed the center line and entered in the positive terrain.

In my previous report I had mentioned that it is possibly moving in a triangle pattern, which was negated but the view remained the same on the positive side.

From Waves perspective, the pair is moving in wave 4 and might have completed it as it retraced 61.8% of wave 3 and has not even overlapped wave 2 terrain. It has opened wave 5, where wave i of wave 5 is over and wave ii which is the counter wave can drag prices towards 98-97.80 price range which will be a buying opportunity. Once wave ii will be over, the pair can move higher towards its next resistance of 101.50-102.00 levels in the form of wave iii of wave 5.

The summation is GBPINR can test 98-97.80 levels which can utilized as a buying opportunity for the level of 101.50-102.00 price range.

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