USDINR: Detailing with help of Elliott Wave

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USDINR Continuous contract Daily chart


I with help of Elliott Wave came with a conclusion that USDINR is on the way back to test its previous lows. This is my first scenario and will stay and will be my favorite among-st two.

The first scenario is-

The recent high of 72.30 was where wave b ended marked by a circle and so wave c on the downside is still pending which can tumble near to its previous lows. Many argue that the recent formation in this pair is a triangle and so need to mark (a-b-c). However, it can also be marked as (w-x-y-x-z) and so on to complete wave ii. This means that wave iii, wave iv and wave v is pending down.

I have marked wave b at 72.30 is because it has retraced 80% of the previous wave a. If I mark wave b at wave a shown in a square then it can not be valid. So wave wave b is marked by (a-b-c) and completed by showing circle.

The second scenario is-

Many practitioner is showing that wave iii has started but I doubt. If it has started then also it is still in wave ii as the Fibonacci criteria is not met as discussed earlier. The summation is scenario 1 is fitted and I believe that the pair can plunge till 71-70.9 in near term.

The above analysis is way difficult with such precision. Don't worry you can learn this with me in my classroom training for 4 days. The entire theory of Elliott and Neo Wave will be explained with practical applications. the fees will be Rs 12,500/-. For registration contact +919324174580

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