USDINR: A bullish reversal pattern in an Ascending Triangle Pattern

-

 USDINR daily chart (spot)


USDINR 4 hour chart (spot)


Analysis

From a month I have been saying that USDINR is likely to move higher cross series of resistances which is at 83.00 and reach towards 85.00 levels. First we all need to understand that prices are moving in an impulse fashion where it is currently moving in wave 4 which is your ascending triangle pattern. Currently the pair is in the last leg of this pattern and probably it might have finished wave e of the triangle pattern which will open wave 5 higher anytime soon.

From Daily chart, prices are consolidating in a range of 81.00-83.00 levels from past 6 months and it is very important for prices to give a trending move by breaking this range on either side. My view continues to be positive for the pair. Also RSI has arrived near to the oversold terrain which is suggesting that there is no room for the pair to go down.

As shown in 4 hour chart, the pair is moving in a ascending triangle pattern, where it is in the final leg. Also prices have arrived near to the crucial support level of the pattern which will be protected. I believe that there will be a reversal from current levels which will not only cross 83.00 levels but will also reach towards 85.00 levels.

Elliott Wave theory suggests that, the pair is in wave e which is the final wave of the ascending triangle pattern. Within wave e, prices have formed wave flat pattern. In flat pattern prices might have completed wave c of wave e in an ending diagonal pattern (as seen in 4 hour chart). As this wave ends wave 5 on the higher side will resume.

The summation is USDINR has arrived near crucial support and can move higher from current levels which can cross 83.00 levels and then reach towards 85.00 levels over short to medium term.

Join my Telegram Channel : https://t.me/elliottician1

Join My Twitter handle : https://twitter.com/meghmody?s=11&t=LtKvFYlMyQs71k-udwEPgQ

Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter hand...
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate ...
Read more

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more