USDINR

USDINR bounced back to test the lower end of the triangle that it broke a day before. The 74.50 level worked as good resistance. The bounce should be either wave b or ii up and we are due to start wave c or iii down. While both these alternates are open if anticipate a larger decline then we should only be in early stages of a 5 wave decline in wave a. In any case the short-term setup points toward 73.35.