USDINR has shown strength which is correspondingly reflected as a weakness in equity markets. We are in wave V of {B} as per our preferred count, and upon completion of which we should get a sharp cut, atleast towards 49 - 48 levels to begin with. Alternatively, if we are in the wave {III}, which is our alternate count, then this price pattern is suggesting a subdividing wave III of {III}, that would be very bullish, and will take USDINR much higher from current levels. A global scenario of "deflationary depression" (as Prechter puts it) will cause this mega rise, but as we know that though deflation of the credit is overdue, the currencies are based on relative performance of economies, so I am still not sure as to where USDINR will go in long to medium term. As far as trading is concerned, we can try to spot the "opportunity periods" as shown in the lower part of the chart. That will really help us be on the right side of the markets.
thanks a lot aniruddha, can you guide how can i learn elliott wave analysis.
ReplyDeletethanks
vijaya
Well you can learn about EW from some good books, like one by Robert Prechter, Ramki Ramkrishnan, Robert Beckman. And once you read through these books, you can refer to blogs by some seasoned analysts such as www.wavetimes.com , www.elliottwave.com , and a humble effort on my part through my blog www.tradeeliottwave.blogspot.com. And one more question I have, what do I address you as a He or She the last "a" in your name is a bit confusing.
Deletethanks for your message. the last letter 'a' in the name vijaya indicates feminine gender.
Deletei will get the books and will start learning.
thanks
Its good to see you have keen interest in learning EW. Best of luck.
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