DrishtiForeX
Short

a great opportunity to go short on usdinr

OANDA:USDINR   U.S. Dollar / Indian Rupee
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pull back

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The three-legged structure of the most recent advance suggests an ending diagonal formation in progress. This pattern will be confirmed beyond any doubt once a three-leg retracement takes place without breaching the June 6 low of 66.768 followed by another three-leg advance that exceeds the most June 28 high of 69.185. It is, therefore, extremely risky to initiate any trade, long or short, in this security, until the entire aforementioned formation is complete. A short may be initiated once a clear A-B-C-D-E structure is complete and a confirmed SELL signal is received. USDINR is currently in the wave V of its Cycle-level advance that started many decades ago. The current advance should ideally mature somewhere in the 70-71 region and should give way to a several years long cycle-level decline that should take the exchange rate to the ideal target range of ₹ 39-43/$.
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