INR will see a new low in late 2010

#1
INR rally from 39 levels seen in 2007 to the last year high near 52 is YET not complete. The current meander lower from the highest levels seen in 2009 is in traditional ways a falling wedge and a terminal triangle c wave in Elliott Analysis.

Most likely we are right now in the 4th penultimate leg of this triangle where a small rise for INR/USD to 46.70 area over the next 2 weeks is likely. Then the final drop down to the recent low levels, going to as low as 45 perhaps and then TIGHTEN your seat belts as a swift move from 45 to 52+ comes uncoiling over a period 3 months.
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That was what i posted earlier. With the dictat of the market, I am updating the pattern I see now:
The terminal triangle formation is violated with a PREMATURE move past 46.7 in the last week. The lowest INR/USD that we have seen so far in 2009 becomes the origin of a smaller degree C with target humbler at 49.4 area making the total movement so far from the 52+ levels seen in late 2008 to NOW as a 1,2,3 completed waves a, irregular b of 4th completed. c of the 4th gets over near 49.4 and a final drop to 45 comes later in summer. THEREFROM the final big move up back to a new high on INR/USD around Diwali is the new pattern.
 
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