28 Feb 2021 ● 03:38 PM
USDINR I am in a tough spot, in a day prices ramped up to close above the falling trendline from the March top and above the 20/40 week moving average pushing the weekly momentum back into buy mode. And lastly protecting the 20-month average that looked like it was going to break in favor of the bearish dollar wave count. But no. So are we still set up for a 78 USDINR first? A thought I built upon in Nov and Dec but it did not happen then. Can USDINR and Nifty go up together for a while? Or is this signaling that Nifty completed 5 waves up finally? Lots of questions that the currency pair is raising.
What is the bearish alternate? 61.8% done in wave 2 of 3 and now 3 of 3 down will start. This presumes that wave 1 of 3 down was a leading diagonal. 61.8% is at 74