Saturday, March 10, 2012

USD INR - Elliott Wave Analysis.

Please refer my long term count on USD INR here. The current rally in USD INR clearly looks corrective. So an upward corrective move suggests that the main trend is still down, i.e. we may see firmer rupee in coming days, as envisaged in our long term view. We are expecting a sharp wave (C) down in USD INR, and so far we are doing pretty good with our count. This augurs well for our equity markets. As the rally in Rupee is about to resume, we should march upwards as well on Nifty.


  1. you can count it as 1-2-3-4- and 5 in progress ???

    first let the 5 intermediate to build then... working on the minuttee wave

    1. I have brought forward this possibility by observing the fact that there is no alternation between the wave 2 and 4. Both are same zigzags, so just to provoke a thought, it may as well be that we are already subdividing in wave {III}. Anyways both your and my count agree on the short term direction on USD INR, and that should be down. We will adjust our targets as further price action takes place.


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