Tuesday, February 05, 2013

USDINR - Elliott Wave Update

  1. Weekly and Daily fractals are not looking too good for USDINR. The weight of evidence is suggesting we have some more room left on the downside.
  2. The hourly chart above may be offering some hope, to bulls, but we need more confirmation.
  3. A high volume BO above the upper channel boundary for starters.
  4. There is an alternate count possible, one in which the wave [5] may extend on the downside.
  5. If that happens, clearly we will be looking at much lower levels, possibly around 52 on the USDINR.
  6. A BO should give us a 3 wave rally at least.
  7. So more confirmation required for longs and if the alternate count is confirmed with a break below the recent low, we may expect 52 ish levels on USDINR.

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