GBPINR: ElliottWave forecast

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GBPINR continuous daily contract


From above chart of GBPINR, prices are trading near the support of the lower trend line. However, this trend line will not give any support but will break it which will infuse selling pressure dragging prices till it’s cluster of supports.

As per wave theory, wave c has terminated at 50% from wave a to wave b. At 98.13 prices completed wave b at one higher degree which opens wave c down which can tumble till 92.  Once 92 is breached it can falter till 91 which is 50% of entire wave b.

The summation is, prices are firmly in a negative trend and can stumble till 92 followed by 91 with crucial resistance placed at 95.30.

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