Wednesday, July 11, 2012

USDINR - Elliott Wave Analysis

USDINR was expected to correct in wave [4]. That is precisely what seems to be happening. You can see a rise from the 54.20 levels. I believe what ended at the 54.20 levels was a 5 wave structure, and the price action to be expected after a 5 wave move is a 3 wave corrective move. The likely target for such a move comes in the range of 56.60 - 56.12. Once we complete a clear 3 wave move, we should fall again to complete the wave (c) of [4]. in the 54 - 53 range. From there we should expect the start of wave [5]. But that is a long shot, right now I expect a USDINR to trade slightly lower to complete the wave {b}, and then rise to complete the wave {c} of (b) towards the 56.60 - 56.12 levels. I suggest looking for a low risk entry point between 55 - 54.50 levels for a target around 56.12 - 56.60 range. I will keep a track of the waves, and keep the count up to date.

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