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.
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 from highs@8969
Before The Fall- Catching the Fall with double top@8600
Expanding & After Fall Image
Since Feb2016, Bank Nifty from its lows@13407 travelled to 20576.
Elliotticians Short term View
It’s a contracting with key level@20310.
Contracting Before the 2nd wave formed-
Contract 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 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.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw