Following Friday nights trading USDINR managed to push the daily momentum back into sell mode after staying on the edge for a while. With that, the daily and weekly momentum indicator are both in sell mode, and the break below 72.75, the September low, ends a multi-month divergence with the Nifty. This also means that the expanded flat I am thinking about is playing out. The next support on the monthly charts is at the swing low of 70.50 and the lower band at 69.30. The chart below shows the calculation of wave C=A*1.618, which gives us a level of 66.80 for wave C down to come to. And wave C is usually 5 waves down, and within that we are now in wave 3 of C down which is this largest segment.