AbhishekHSinghCMT

USDINR- Nifty -Strong Bonding & Waves

FX_IDC:USDINR   U.S. Dollar / Indian Rupee
208 10 6
Click on the chart
USDINR@22nd May 2016- “Bang on…Impatient About Acche Din


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

Nifty- Going into 2017- Painful C-wave in 4th wave expected


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

Before The Fall- Catching the Fall with double top@8600
Nifty- Bang On for 80 points- Double Top To Start The Fall


Expanding Leading Diagonal & After Fall Image
snapshot


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-
Bank Nifty- Going Above 19252- Bulls Comfort Zone


Contract Leading Diagonal After the 2nd wave formed

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


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

snapshot


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
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Wow such a mindful analysis.You not only analyse you make us to learn from your analysis.Really good one.
Reply
@MarxBabu, Thanks Marx- Hope most of us got market direction.
Reply
Another giant on the same path?
snapshot
Reply
@nirav5, Nice but be careful not to lose control in excitement.
Reply
Thank you Abhishek !!
Reply
@NikhilGhodke, Welcome Nikhil
Reply
Great work Abhishek. It truly shows your expertise and Mastery of Elliotwaves!!
Reply
@ShanTrader, Thanks Shan. Hope this helps & guides everyone
Reply
Woaah! Truly 'Master class'. All under one roof. I will refer it many times. Thank you for your time, efforts and analysis.
Reply
@nirav5, Welcome Nirav- I too refer it again & again.
Reply
India
United States
United Kingdom
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out