USDINR: Neo Wave Diametric Pattern

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From May 2014 USDINR formed a diametric pattern which took seven months to complete. Diametric patterns are of two types Contracting and Expanding. In a diametric pattern there are seven legs (a-b-c-d-e-f-g) which are all corrective in nature. The first diametric in USDINR was expanding diametric, in a layman term, it is been termed as diamond pattern. The probability is much higher that the pair is forming another expanding diametric pattern which commenced from February 2015.

Forecasting: The pair is moving in a double correction of diametric pattern, which can be labeled as (a-b-c-d-e-f-g-x-a-b-c-d-e-f-g). The first diametric shown in the chart (box) completed the last leg wave g at 62.20 levels followed by wave x which has three legs within (a-b-c). After completing wave x, the pair resumed its uptrend and plausibly started forming another diametric pattern. As per the wave counts it completed wave d in a three wave structure which is also the longest wave in the diametric formation and it is now moving up in the form of wave e which is capped at 64.30. After completing wave e, the next leg will be wave f which will move down and can test 63.40-63.50 levels, and then one more leg will push prices higher in the form of wave g which will end the second diametric formation.

Time frame: The first diametric pattern took seven months to complete, so it is expected that the second diametric formation will take seven months to complete roughly. The commencement of second diametric was from mid February 2015 so by mid September 2015 this formation will end, i.e wave g of second diametric.

In short, expect a range bound movement in this pair where upside will be capped at 64.30 and downside at 63.40-63.50 levels.




Disclaimer: Please do not circulate this report to Clients and others. The motive for this excerpt was to make aware of various patterns and its implications and how it can be used for forecasting various asset classes. Do not trade on this excerpt or take any positions based on the above mentioned view.



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