AbhishekHSinghCMT

USDINR- Nifty -Strong Bonding & Waves

FX_IDC:USDINR   U.S. Dollar / Indian Rupee
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USDINR@22nd May2016- Impatient About Acche Din
I chose this headline for my report on 22nd May2016 because every Indian since they voted BJP to power in 2014- had high expectations from the running government & everyone was desperate to see better results, but why we forget the devastated state of the economy which was to be restored to normal first & Mr. Modi has been doing his share of work. So, have faith in him.

Elliotticians View on USDINR
This Whole Structure since May2014 @58.26 Lows- was complex structure which had so many overlaps formed W-X-Y Structure stands on 1st Feb2016 at 68.78 Highs.

Next move with 66.20 & 65.95 as base
I was clear that unless 66.20-key level & 65.95 -critical level is broken- come what may Indian Markets will be struggling in the days to come- Which tells that how Intermarket relations work wonders at times.

With key & critical levels intact, here we go, Dollar Rupee exploded upside from 66.26 lows to 68.20- If you ask an elliottician he will let you know that yes, this looks like an impulsive wave on upside & finally Z-wave looks on track once again because it made an attempt earlier from 66.05 lows to 68.22- which was changed to corrective structure.

India Nifty
Since Feb2016, Nifty surprised bears from lows@6825- giving us a high@8969 -close to the prior swing high@9119 of March 2015 -which is very choppy & Nifty falls sharply to 8000 lows.

Elliotticians Larger View
Since March 2015 Highs@9119- Nifty is in yet to finish a corrective wave sequence ABC- currently running in a C - wave of recent tops@8969


Elliotticians Short View
It’s an expanding leading diagonal from highs@8969

Before The Fall- Catching the Fall with double top@8600

Expanding Leading Diagonal & After Fall Image

Bank Nifty
Since Feb2016, Bank Nifty from its lows@13407 travelled to 20576.

Elliotticians Short term View
It’s a contracting leading diagonal with key level@20310.

Contracting Leading Diagonal Before the 2nd wave formed-

Contract Leading Diagonal After the 2nd wave formed

Bank Nifty- Roller Coaster Ride of 2000 points & Next IT Raids

Image-Finally, Where are we in Bank Nifty@18th Nov2016


What’s there for you to learn
Elliott Waves Lesson: Leading Diagonals

  • It always starts the waves- It can be a downside or upside trend & should have upside or downside inclination as the case may be.
    It can be in 1st wave or A-wave of ABC correction
    Special rule- All waves overlap - here 4th wave is allowed to overlap with the 1st wave as compared to the impulsive wave where the 4th wave can’t overlap- as it is a violation of one of the elliottwave cardinal rules.
    It can be expanding or contracting type
    They are deeply retraced almost 80-90% of 1st waves.








Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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