Technical analysis of USD/INR:
It appears from the chart below the INR has bottomed out at around 44.25 levels and we might see it moving up from the current levels. It appears from the chart that we might have completed a 5 wave elliotte wave pattern at 44.25 and we might see it moving towards at-least 47-48 levels. The shape of the structure is also clearly fitting into the place which is further confirming the completion of the structure. It the structure is complete we should swiftly move above the high of wave-4 which happens to be around 46.80. first indication would come on movement above 45.50 and confirmed by movement above 46.80. so be prepared for weakening of the INR.
It appears from the chart below the INR has bottomed out at around 44.25 levels and we might see it moving up from the current levels. It appears from the chart that we might have completed a 5 wave elliotte wave pattern at 44.25 and we might see it moving towards at-least 47-48 levels. The shape of the structure is also clearly fitting into the place which is further confirming the completion of the structure. It the structure is complete we should swiftly move above the high of wave-4 which happens to be around 46.80. first indication would come on movement above 45.50 and confirmed by movement above 46.80. so be prepared for weakening of the INR.
The wave structure is given below:
There is another interesting development taking place in USD/INR which is surely giving a target around 48 for INR. It is know as Wolfe wave which has generally success rate of around 85%. The Wolfe wave pattern is given below. it is perfectly fitting into all the pre-requisites of Wolfe wave. Here also the target is coming to around 48-48.50 so in all probability we might see doller strengthening.
M.Sri Mahidar
Trend is friend
