Correction Wave C targeting 73.5 for FX_IDC:USDINR by Hari-Ram-Kumar

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FX_IDC:USDINR Pair is under minor correction.
Correction waves A and B are over.
Wave C is in progress and generally it shall have a 5 wave pattern out of which wave (i) and (ii) are over.
Wave (iii) of wave C is in progress targeting 74.0 to 73.5 @
1. 38% retracement of major wave
2. 61% extension of wave - A
3. 100% extension of wave - (i)
4. Historical resistance turning support

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Comments

good sir

RajkumarGera

@RajkumarGera, Thank you Sir. Your comment means a lot

could we see Dollar breaking INR 77 high made this year?

mayanknitkkr359906

@mayanknitkkr359906, If the correction ends at 73.5 as expected, It shall indicate completion of an eliot wave cycle and start of a new cycle with new wave-1. This new wave-1 upwards is expected to be a diagonal as usual which is expected to hit around 76.0 above the channel in one go by September. There are high chances that it shall break above 77 this year.

is the wave pattern violated or still intact?

hihigohihi

@hihigohihi,

The grey area is in focus which could be a flat or a triangle to form a minor wave B / X and fall might follow to form wace C / Y and then the bullish trend might resume.
I expect this week shall end the grey area based on FIB time zones