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Nifty Hourly Chart
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This is not an
attempt to exemplify the correlation between USDINR and Nifty, but just
an observation I am sharing here. I am currently counting a
I-II/[1]-[2]/(1)-(2) formation on the chart of Nifty, I am expecting
Nifty to breakout from the resistance zone around 5340-50 and rally
handsomely towards the 5630 level. On the other hand USDINR, has found
some support in the 55.00-55.10 zone. We may see prices touching the
55.60-55.70 zone to complete the wave 2 on the chart below. In USDINR
too we have a {1}-{2}/1-2 formation going on, but in exact opposite
direction of Nifty. Though we cannot entirely bank on this inverse
correlation between Nifty and USDINR, marking waves on charts of both
the tickers, indeed help us in better classifying the waves. So right now I am hoping Nifty would resume the up move and USDINR its down move, sooner than later.
I would become skeptical of these respective moves, if Nifty trades
below 5280-70 band, and USDINR trades above the 55.60-55.70 band, till
such time the existing count is intact.
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USDINR Hourly Chart
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