Wednesday, August 1, 2012

USDINR - Elliott Wave Analysis

Daily Chart

This is the daily chart of USDINR, we might be falling in wave (c)of [4]. The target range of this wave [4], may reach the 54-52 range. The prices should follow the down sloping red channel, and should reach the lower boundary of the channel.
The detailed count can be seen on the hourly chart below. We may have completed a zigzag correction in wave (b), and now we are falling in wave (c) of [4]. This rise in INR against USD may result in a spurt in equity prices. For the time being though, we should not trade above the 55.90 levels on the USDINR, to keep this down move intact.
Hourly Chart
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