27 Jul 2020 ● 01:58 AM
USDINR is close to a weekly support level and for a while I've been writing about a possible bounce. While it did pull up for last 23 days if it declines now below the low of 74.50 the move will appear like a 5 wave decline and may entail the following change in wave count. I would Mark the X wave complete at the recent high of 75.52 and consider the fall from there as wave a of the next leg down. This would be an initial indication that the weekly supports may break in the weeks ahead.