One cycle of 5 waves seems to be completed, with the 5th wave ending diagonal.
Though it is just a prediction and very skeptical of the USDINR falling to 68 and then to 62. Still, breaking of 73-72.5 zone downward may start the downtrend.
It will not happen in a day or month and may take months/years to reach the first target.
The strengthening of the rupee may show the beginning of a larger uptrend in the stock market.
Let's revisit this idea after a couple of months and see how things proceed.
Though it is just a prediction and very skeptical of the USDINR falling to 68 and then to 62. Still, breaking of 73-72.5 zone downward may start the downtrend.
It will not happen in a day or month and may take months/years to reach the first target.
The strengthening of the rupee may show the beginning of a larger uptrend in the stock market.
Let's revisit this idea after a couple of months and see how things proceed.
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USDINR is in the critical support zone. Breaking from here would go to 71.7 and below.
On the other hand, if it sustains this level and breaks the slanting trendline, then we would be a little bullish.
Price action levels are important.
On the other hand, if it sustains this level and breaks the slanting trendline, then we would be a little bullish.
Price action levels are important.
Trade active:
So, We are below 72.5 right now we are in a long-term support zone. Today USDINR got good support there and reversing back. Let's see if it can sustain.
Breaking below 72/71.9 would be a problem. Going above the slanting trendline would be a positive move.
Breaking below 72/71.9 would be a problem. Going above the slanting trendline would be a positive move.
Trade active: