USDINR Wave 5 in motion?

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 USDINR daily chart

Analysis

For USDINR I am very affirmative that the pair is likely to breach 83.00 where cluster of resistances are placed. Over past 8 months prices are moving in a ascending triangle pattern and it seems that the triangle pattern is completed and prices are likely to move above 83.00 levels. However, it seems that the pair is taking its own time and continues to now trade above 82.00 levels, particularly in the range of 82.80-82.25 levels.

As per Wave theory, prices have completed wave 4 in ascending triangle pattern and it has now opened wave 5, in which wave i is completed at 82.85 levels and wave ii of wave 5 is in motion which can terminate near to 82.20 levels.

The summation USDINR has a crucial support placed at 82.30-82.20 levels where the pair can reverse and then can break 83.00 in this attempt.

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