USDINR

Given that wave 1 of 3 was not very large, and wave 2 of 3 retraced 61.8% a few days ago, the odds are higher, that wave 3 of 3 will extend on the downside. The decline of the last 3 days is wave 3 of 3 which is equal to the 1st wave would only end up at 71.31. An extension meaning 161.8% of wave 1 would end up at 69.70, which is the more likely scenario in this case. Remember this decline is wave C of a long-term multi-year expanded flat pattern where wave C has to complete 5 waves before it is done. Wave C of an expanded flat will also go below the lower wave a which is at 68.27 eventually.