EURINR: Elliott Wave Forecast

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EURINR daily continuous chart


EURINR hourly continous chart



From the above daily chart, the pair has not started lower highs and lower lows and so it is moving in a sideways pattern. It seems that this pattern will terminate which can eventually lead to break of its previous low of 80.30. Daily RSI is below 50 which is in a selling terrain.
As per hourly chart, after giving a bearish break in an ascending triangle pattern, prices are moving sideways, it is imperative for it to break the level of 81.60 levels which will give a price confirmation that the trend is negative. A move below 81.6 can drag prices near till 80.30 or even break it.
As per wave theory, I am opening two possibilities which is a complex correction w-x-y and second is a-b-c. The triangle is completed where wave b/x is marked which opens wave c/y on the lower side dragging prices near till end of wave a at one higher degree.
The summation is prices need to break 81.6 which can make it plunge till 80.3 levels over short term. However, any move above 82.76 before breaking 81.6 will force me to change my vie and my counts.
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