Rupee REER

There is a note floating around that USDINR will to to 76 because the Real Effective Exchange rate [REER] suggest an overvalued rupee. The historical chart of the REER does show us at the top end of the long-term range so there is some argument there. Mine is that if we breakout above 73.50 then we start wave E of an ending diagonal that can go much higher.