Dec 18 2018

USDINR – Elliot Wave Count

USDINR: Analysed the daily chart of USDINR, in which a 8-wave pattern is clearly visible. The 5-waves (combination of motive and corrective waves) which is already completed – as shown in below mentioned chart. After the end of 5th wave, the prices started forming a corrective A-B-C pattern. The pattern is identified as a Zig Zag A-B-C reversal pattern (5-3-5 wave structure). Out of 3 wave – wave “A” is completed with its 5 wave structure. Now coming to the next wave of A-B-C family – wave B (a 3 wave structure) is in the process of  formation – in wave B, sub-waves A seems completed at 72.4625, marked on 11 Dec 2018. If we talk about the recent fall in USDINR, the falling  wave seems to be a sub-wave B of wave B (A-B-C reversal), which is likely to end at around 70.30-40 mark. A simple moving average of 144 day (a Fibonacci number), which is earlier proved to be a strong support for USDINR – is now coming at 70.37 (likely to be the end of sub-wave B of wave B). After the end of sub-wave B (probably at around 70.30-40) the price action will start preparing for sub-wave C of wave B, could be target for sub-wave C is projected towards 72.50-73.00.