USDINR

USDINR - rallied in five waves up, in wave c of a counter trend move. The move complete, a-b-c up is done and we are declining again. We are close to the 20dma at 75.74 and below that should continue to below the low made at 74.90 toward 74 or the 40 week average. At this point I am not clear on which alternate to chose for the long term. Will we bottom at 74 and consolidate in the range between 74-76 for months or will we see a deeper cut when the dollar index is falling. It would have been clear if the recent decline in USDINR was 5 waves but it is not so with certainty. So odds remain open. Wave wise marking is wave y down starting from the high at 76.39 [x]