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| Daily Chart |
The daily chart of DI shows a clear DZZ corrective pattern completing around 84 levels, as discussed in last post. We are falling impulsively since. I had a bearish view on DI in which wave {B} was forming a running triangle. And we may be falling in wave {C} of the original {A}-{B}-{C} pattern. I have tried to label waves of the fall since the top in wave {B}. The 78.50-77.30 band is the last of the hopes. Below that the bullish view though will not be negated but will be considerably postponed.
But keeping things simple, we can say that if the rise till wave label {B} was corrective it should be completely retraced. In that case we will trade below the low put in at wave label D. A falling dollar will mean increased purchasing power for the INR, may help to ease the inflation a bit.
The chart below shows the internals of the fall from wave label {B}. It certainly is impulsive and there is still some downside left before we may see a bigger corrective bounce.
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| 5 Hourly Chart |
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