USDINR is correcting after a sharp rise from the 43 - 44 levels right until 54 odd levels. The long tern count suggests that we might have completed a wave III advance at the point marked as "Significant Top" on the chart. Or as the wise men have warned against "calling an end to a 3rd wave advance", this might just be wave (1) of an extending wave [5] of III. All this might confuse the reader, but to put it simply, if USDINR takes support and starts rising from the levels of 51 - 50 we might see a protracted rally in the near future. But if we break the 51 - 50 level band then we might easily see the correction extending to 49 - 48 levels. All this of course will depend on how the Dollar behaves.
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