USDINR

USDINR fell below the 04-Jan low of 72.84 intraday today, and we are very close to the Sept low of 72.75. This is a multi- month negative divergence that has not yet been violated relative to the Nifty. But so close that if we do poke below 72.75 it may signal the end to this divergence and would then be bullish INR and bullish Nifty. So let's see if wave 3 down, of an expanded flat as discussed last week, starts to extend.