Sunday, December 8, 2013
Elliott wave analysis of USD/INR
Ananyavrat asked me for my opinion on this cross.
The rally of the 39.00 does look impulsive and as we have broken clearly above the base channel we are currently in wave 3 higher. As a wave 3 target I will be looking for 79.26.
Looking only at wave 3 we are in red wave iv of black iii, which ideally will terminate in the 58.64 - 59.04 area before red wave v of black iii takes over for a rally towards 71.37 in red wave v of black iii.
Even though red wave iv has been Deep we should expect black wave iv to be a shallow correction.