From email@example.com- UCAD is could be forming (a)-(b)-(c) structure where is (c)-wave is a pattern. In that pattern- it is running into its final leg-(5) th wave
Taking Longs- one should be in longs with critical firstname.lastname@example.org for targets lesser than 1.3405 why? - if UCAD moves above 1.3405 then it will become more in distance than (3)rd-wave of pattern which is not permitted -In that case, this pattern will go into bin or it will be no more valid.
Taking Shorts- once these internal- (5) waves get completed - reversal is going to be sharp with key resistance above 1.3405 as discussed above or let UCAD break swing email@example.com..
Target for Shorts - Should be 1.3000 & going below it could be 1.2822 lows
40 pips up - moving in the desired direction likely UCAD should kiss 1.3320-1.3330 zone which is resistance offered by (1)-(3) trendline -It can over shoot also & go close to 1.3400 handle but be careful -it should not cross 1.3405 handle otherwise wedge will become invalid.
Now we are 75 pips up & looks like we will kiss the zone 1.3320-1.3330 & get the resistance from 1-3 trendline. Remember UCAD can also shoot above that line due to anxiety so try as musch possible to book the profits.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ