Tuesday, August 7, 2012

USDINR - Elliott Wave Analysis

Below is a 4 hourly chart of USDINR. As you can see I was tracking the (B) wave, which seems to be done at 56.41 levels, nicely contained within parallel lines.. Prices then fell in 5 waves in wave {1}, we have also completed wave {2}. Now we can expect a fall in wave {3} of (C), which should be pretty dynamic. We have already breached 55.45 levels, now we need to break 54.85. We may pick up momentum below  55.20 levels.
4 Hourly Chart
Below is a daily chart of USDINR. We can see that the present consolidation is wave [4]. Post which I am expecting another impulsive advance. Whether it will be the last leg of this stupendous advance which started from 48.445 levels or just waves subdividing on multiple degrees thus targeting much higher levels, remains to be seen. The target for this wave of [4] may be in the 54-52 zone. That should be a good area for initiating long Dollar (USD) positions against Rupee (INR). 
Daily Chart

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