Wednesday, June 27, 2012

USDINR - Elliott Wave Analysis

This chart shows EW labels, marked till the very end of price structure. The last three labels are shown with a "?" behind them. It means that we are not yet sure whether these wave labels are final or not. We may get a complex wave {4} or it may be over already. What ever the case may be, we are still in the up move. And so long as this up move in USDINR continues (i.e. fall in the Rupee against the Dollar), we are unlikely to see Nifty taking off. But markets have their own strange way of catching the herds unawares, so don't rely too much on that correlation. The best way is to apply EWP, device a plan to trade and stick to it.

No comments:

Post a Comment

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