1 Sep 2020 ● 08:29 AM
Last week I noted that this fall could end up being a 5 wave decline in wave a of z. Today's decline in USDINR to a lower low confirms this and we are now in wave a of z. Wave b and c are pending and only after that can we talk about any logical bounce in the currency pair. Yes a smaller wave b bounce may occur somewhere but that may be only a consolidation like a triangle, nothing big. 72.30 is the next support to watch.