GBPINR: Elliott Wave forecast on smaller time frame

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GBPINR 15 mins chart


Cable is moving lower as it broke the rising trend line. The INR pair continuous to make lower highs and lower lows which is a negative sign.

As per wave theory, the advance looks to be a Zigzag where wave a is equal to wave c. Later the fall is impulsive and it will continue to stumble till 85.80-85.60 levels which is 50% Retracement of the previous rise.

The summation is, GBPINR will falter till 85.80-85.60 over short term with resistance at 88 levels.



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