Wednesday, November 07, 2012

USDINR - Elliott Wave Analysis

This is a weekly chart of USDINR. The count suggests that we should now come down in wave (D). The possible target would be in the 49 range. Please be mindful of the fact that this is a weekly fractal, and correspondingly take much more time to complete.

This daily chart shows the developing wave (D) id detail. We may be forming a {W}-{X}-{Y} correction. Lets see where prices take us. Presently prices are facing resistance in the 55-55.25 zone.

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