Long

USDINR : Long term Elliott Wave Forecast

Updated

According to my Elliott Wave count of USDINR, if I am correct ( being skeptical as EW count can be subjective, although all rules have been followed ) we are in minor wave A - of the Intermediate wave (3) - of the Primary wave 3 - of the Cycle wave V.

A Bulling engulfing formed on a Weekly chart suggests we have completed minor wave A , which is also a Fibonacci retracement up to 50% and the next target should be minor wave B for range Rs. 66 - Rs 66.24. (assuming it will be a Zig-Zag correction)

There after target for minor wave C target should be Rs 59 - 58.2944

I'll post more detail EW counts for the same. https://www.tradingview.com/x/uREEnnts/

https://www.tradingview.com/x/htXFpm51/

Note

If it is not clear, 66 to 66.24 target is for wave B and Rs 59 for Wave C.

Note

First of all there are few possibilities here according to Elliott Wave analysis. Possibilities are: simple zigzag, double zig zag, simple flat, expanded flat, different types of triangle's etc.

Yes, it's a game of possibilities ! So I have to make some assumptions here. The above chart analysis is based on the premise that it could be a zig zag correction.

And if it plays out as zig-zag then it should terminate near wave B and continue towards wave C in downtrend as shown in the chart.

Other options ( be flexible ):

However, if it turns out to be simple flat correction then wave B will test the main wave (3) again.

And if it is expanded flat then wave B will break the resistance at wave (3) as false break out and continue towards down side and so on and so forth.

Further enter a trade - long or short if you see confirmation on the charts and use stops.

SunnyPawar

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