Tuesday, September 11, 2012

USDINR - Elliott Wave Update

4 Hourly Chart
A contracting triangle is forming most probably in wave (b) of [4], as per our preferred count. I am suspecting the last two days strength in USDINR as wave {e} of (b) in the making. The possible target zone for this wave {e} ranges from 55.55-55.65. I would start looking for reversal patterns to the downside once we near this range. 
This consolidation in USDINR has tested everybody's patience, and that is a good thing. Because once we get a resolution of this range, it should be nothing short of explosive, and yes tradable.

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