Friday, May 18, 2012

USD INR - Elliott Wave Analysis

A couple of channels are playing out. Channels are vital tool in EWP. They help you put the price action within a framework. Now two channels seen on the chart can suggest impending resistances to prices. the ADX indicator is showing an interesting development, the trend is weakening, STS is at overbought levels. So going by what we see on the chart, we can expect prices to run into resistances soon. But this is what we see, and prices don't know nothing about channels, indicators, these are for us to put price action n perspective. So prices can do whatever it wants to do. Now it remains to be seen how prices play out. This will have a great effect on equities as well. Interesting times ahead.

No comments:

Post a Comment

...I am thrilled to learn what you think about this piece of content...