Hourly Chart |
USDINR was expected to form a corrective
pattern, in wave (b), and it has progressed beautifully so far. We
thought that the pattern was completed at the 55.93 level on 12th July,
but it was actually a part of a flat correction in wave {b} of (b). Now
it is also possible that we may start a new up move in wave (5) as a
part of our alternate count. But I always go for the most conservative count,
and use trailing stop losses to remain in the trend, as long as it
continues. So we have th equality target, i.e. wave {c}=={a} at 56.60.
Also fibo retracements of the preceding wave (a) comes in the range of
56.12=56.60. So as we were expecting the prices to trade in this range
since a long time now, it has actually happened. The most important
thing to do now is to track the internal wave patterns of this wave {c},
which has to be an impulse, and try to find the exact levels for this
impulse to terminate. Because what will follow this corrective up move
is an impulsive down move in wave (c). Wave (c) being the third wave it
is often very severe, hence a good opportunity.
Below I have attached a daily chart,
which shows my preferred and alternate counts. Also it shows the
possible target area for wave (c) in roughly 54-53 range.
I will be tracking the patterns closely, and will alert when a trading opportunity presents itself.
Daily Chart |
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