GBPINR: Elliott Wave forecast on smaller time frame

GBPINR 15 mins chart


Cable is moving lower as it broke the rising trend line. The INR pair continuous to make lower highs and lower lows which is a negative sign.

As per wave theory, the advance looks to be a Zigzag where wave a is equal to wave c. Later the fall is impulsive and it will continue to stumble till 85.80-85.60 levels which is 50% Retracement of the previous rise.

The summation is, GBPINR will falter till 85.80-85.60 over short term with resistance at 88 levels.



Comments

Popular posts from this blog

USDINR: Will it cross 83.00?

Nifty in Ending Diagonal Pattern?

GOLD and Elliott Wave Counts