I have just tried to count waves here in USDINR pair for period of around last one year
(almost).
Well it doesnt look atall that dollar is weakning in near future.
In fact it may remain strong for next couple of year (approx).
Huge huge consolidation almost at same place for last 1 year and now
its almost completed.
Should start heading north very soon and...
FIRST THE TECHNICAL VIEW
Attached: Nifty IT Index Weekly Chart as of 13th April 2023
In the Chart above, I have mapped out the Potential Elliot Wave Count to play out over the coming Months:
- Price has fallen in 3 Waves which is our Larger A Wave
- Then Price did a Corrective bounce in an ABCDE structure making up our Larger B Wave
- And now the Larger C Wave...