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Showing posts from January, 2019

USDINR: Expected to surge

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USDINR Daily Continuous chart


USDINR is currently hovering near the resistance of the falling trend line. However, the short term moving averages have given a bullish crossover after two months from its previous crossover. It is important for prices to move above 71.50 levels for further positive possibilities which can push prices higher.

Any sustainable move above 71.5 will make price surge near till 80% of the previous fall which is placed at 73.6 levels. RSI has exhibited positive divergence.
Wave theory suggests that, prices might have completed wave a in three wave structure (a-b-c) at 69.2 and is now moving higher in wave b which can be close to the above mentioned level.
In short, USDINR will surge till 73.6 levels over short to medium term once the level of 71.5 is taken out decisively. After 71.5 is crossed the support will be placed at 70.90 level.

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ICICI Bank: Ending Diagonal Pattern

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ICICI Bank Daily Chart



ICICI bank is currently moving in a wedge pattern. Wedge pattern is normally a reversal pattern. However, in ICICI Bank it seems that minor leg on the upside is pending. This minor swing can surge till 390-392 levels where the resistance of wedge is placed.
As per wave theory, this overlapping structure is termed as a ending diagonal pattern. The last leg wave v is still ongoing. After completing wave v, a dynamic move is expected which can make price tumble near till 330 levels which is near the support of wave iv.
Conclusion, prices can move in between 390-400 levels. However, this move will not be sustainable which will eventually make price falter till 330 levels over medium term.

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Bank Nifty: Impulse on the way?

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Bank Nifty (Daily Chart)

Bank Nifty witnessed a counter trend after a steep fall last year. However, the current counter trend is on the brink to complete. The trend has arrived near 80% retracement of the previous fall (28388-24240), It is also been observed that a bearish pattern is in making near the resistance. RSI on daily is exhibiting negative divergence.
As per wave theory, I have marked wave a at 24240 and wave b which is on going. In wave wave b, which is a three wave structure (a-b-c) within which we can see ending diagonal pattern, occurring in wave c of wave b. Completion of wave ii will open wave iii downside which will be steep and highly volatile.
Conclusion: Prices are near resistance, a move below 26900 will start a steep move downside dragging it lower till 24000 and further lower.

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