Dec 06 2018

EURINR longer term Elliot Wave count

Analyzing the monthly chart, in which the Elliot wave count is applied – which in turn is indicating that, the pair EURINR is in the process of Wave “C” formation of corrective waves (A-B-C). The mentioned below chart seems fulfilling the conditions of Elliot wave analysis. 1. Corrective waves (2 and 4) both have retraced up to the required mark (.618 for wave 2 of wave 1 and .318-.50 for wave 4 of wave 3 correction) 2. In the mentioned count Wave is not the shortest of all and 3. Wave 4 has not entered in the price territory of wave 1. After the 5th wave (motive) completion,  corrective pattern A-B-C reversal is under the process of formation – Out of 3 waves (A-B-C), only wave “C” is left open and which could help us to define the upcoming direction for EURINR future move. Momentum indicators (Relative Strength Index (RSI 14), Rate of change, MACD and Stochastic slow), all turned neural after inching their overbought territories. 50 week Exponential Moving Average (EMA) which acted as a strong support zone with earlier price action, is now coming at 76.36 (Would be the possible target in coming future). Any close above 81.75 will negate the above view.