USDINR, Nifty - Elliott Wave Update

1. Today's was  a policy day, and we got a move quite fitting with one (so far).
2. Now we need some decisive action by market participants to signal us what market possibility will take precedence.
3. Today's sharp price move may have just given us the hint.
4. There is a very bullish possibility, on the USDINR chart above. I have labelled the recent price contraction as a triangle in wave [c] of B or II. 
5. In any case a good rally should be expected in either wave C or III.
6. A BO above the falling TL should be an early signal of this possible up move.

1. For Nifty then we have a bearish scenario on hand. We have been talking about a possibility of a flat correction, and if we are going to get a rally in USDINR, we are likely to get a fall in Nifty.
2. It might be the wave C of {II}, and may target the terminus of wave A.
3. Now that comes around 4530, but this is also a very large fractal, what pattern actually plays out will take a long time to clear. And between now and 4530 there are about a million possibilities.
4. All I would say, is there is a bearish possibility in the equity markets, in coming days.
5. The support area of 5600-5500 should provide further clues.