AJAYSHARMA
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Elliott Wave - RSI D + disputable w4 triangle + extended wave 5

OANDA:USDINR   U.S. Dollar / Indian Rupee
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Elliott says

1. Wave 5 in commodities is extended because of fear . Since INR dependents on crude so wave 5 is extended .
2, Truncated wave 5 , Ending diagonal , extended wave 5 result in a sharp correction . If wave 5 is extended it will correct to wave 2 of the same degree.
3. In commodities post triangle thrust is an extended wave 5 . In this case triangle can be disputed but I feel that is the only feasible explanation.

Further

We are having a positive RSI Divergence in wave C . So strength in INR seems to be coming to and end .

Conclusion -- I feel currency volatility is over . INR will depreciate gradually .

Regards
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