USDINR: Complex correction pattern

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15 mins chart


USDINR reversed from the falling channel resistance today thus continuing lower highs and lower lows formation. It also breached the rising small trend line indicating that the downturn has started.

Elliott Wave perspective, as of now prices are moving down in (w-x-y-x-z) pattern in which it is now moving down in wave z. The second possibility is wave a is over where wave y was completed and where second x was completed wave b is over there. This means downside correction is imminent.

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